HC Deb 11 April 1940 vol 359 c726W
Sir J. Mellor

asked the Chancellor of the Exchequer whether, for purposes of Income Tax and Estate Duty, the sterling value of United States of America dollars, held in America, is assessed on the basis of the Bank of England's official rate of exchange or the rate quoted in New York?

Sir J. Simon

The official rate of exchange is adopted for the purposes mentioned.