HC Deb 15 October 1952 vol 505 c26W
Mr. Bevins

asked the Financial Secretary to the Treasury the nature of his regulations affecting the payment of Income Tax on interest received on savings bank deposits, where the annual interest is £15 or less in the case of people of moderate income; and how far the Board of Inland Revenue are enabled by his regulations to exercise discretion where the payment of tax on the past six years' interest involves hardship.

Mr. Boyd-Carpenter

Savings bank interest is liable to Income Tax under the law and should be included in the taxpayer's Income Tax return whether the amount is greater or less than £15. Where tax is legally due it is the duty of the Inland Revenue to collect it. Where hardship can be shown to arise from collection in a lump sum the Inland Revenue are, in appropriate cases, prepared to consider an application by the taxpayer for payment of arrears by instalments.