HC Deb 20 November 1940 vol 365 c2033W
Sir J. Mellor

asked the Chancellor of the Exchequer whether, in order to encourage lending to the Government by persons who are retaining abnormal cash resources owing to uncertainty as to taxation, he will consider issuing bonds which can be surrendered at the issue price in payment of Income Tax and surtax?

Sir K. Wood

I cannot see my way to adopt my hon. Friend's proposal. As I have indicated in reply to previous Questions, taxpayers who desire to assist the financing of the war effort can do so by making advance payments to the Inland Revenue in respect of future tax liabilities.

Mr. Wootton-Davies

asked the Chancellor of the Exchequer whether he will consider accepting payments against Income Tax, Super-tax, and Excess Profits Tax at a discount of one-tenth of 1 per cent. for each month such payments are prepaid?

Sir K. Wood

No, Sir. In 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.