§ Mr. Lipsonasked the Chancellor of the Exchequer whether he is aware that there are firms and individuals who are able and willing to pay now their agreed Income Tax Schedule D liability for 1940–41, provided they can be given the discount of 2½ per cent. per annum; and will he arrange for an extension of Clause 159 of the Income Tax Act, 1918, to enable advance payments to be eligible for discount though the notice of assessment has not been received?
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§ Captain CrookshankIn view of the prevailing short-term rates of interest, it would not be to the Exchequer's advantage to extend the conditions under which discount is allowable on prepayment of Income Tax. Many taxpayers have made advance payments, without asking for interest or discount, in respect of forthcoming liabilities to direct taxation.