§ Mr. H. W. FORSTERasked if the interest or dividends on foreign or Colonial securities held by trustees residing in this country in trust for a person residing abroad is taxed as being the income of the trustees?
§ Mr. HOBHOUSEThe agents entrusted with payment of interest or dividends of foreign and Colonial securities to persons 395W in the United Kingdom are required, under the Income Tax Acts to deduct Income Tax on payment of the interest or dividends; and there is no provision of the law (except Section 13 of the Revenue Act, 1911) under which the trustees or the beneficiary himself can claim relief from the tax deducted on the ground of the beneficiary's residence abroad.