§ Mr. FELLasked the Chancellor of the Exchequer if he is aware that the Bank of England, in paying the dividends due on Consols on 5th April, is deducting Income Tax at 1s. 2d. in the £, without taking any notice of the circular letter of the Treasury and without obtaining the consent of the recipients of the dividend?
§ Mr. LLOYD GEORGEIncome Tax on the dividends referred to, which were due on 5th April last, was legally deductible under the authority of the Finance Bill, 1912. The circular letter, therefore, did not apply, and the consent of the recipients was unnecessary.