§ 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 purposes52W 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.