§ Mr. Bevinsasked 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-CarpenterSavings 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.