HC Deb 20 January 1949 vol 460 cc51-2W
65. Captain Crowder

asked the Chancellor of the Exchequer whether his regulations permit the 2 per cent. interest charged on the Special Contribution, if it has not been paid by 1st January, to be allowed as a deduction from the Surtax assessment.

Mr. Glenvil Hall

An individual who pays interest on Special Contribution will be allowed to deduct for Surtax purposes the gross amount which, after reduction of Income Tax at the standard rate, would give a net amount equal to the amount of interest paid.