Tax Reserve Certificates

HC Deb 21 June 1966 vol 730 c39W

Mr. Boston

asked the Chancellor of the Exchequer when the new tax reserve certificate for companies is to be introduced, and on what terms.

Mr. Callaghan

The new Company Tax Reserve Certificate will be available on 27th June. It can be used for payment of Corporation Tax and any remaining liability to profits tax, and it will bear interest at 4⅜ per cent, per annum, tax free when used for meeting these tax liabilities. This new certificate should offer an attractive and convenient way of saving to meet taxes. A separate Personal Tax Reserve Certificate, which will continue to earn interest at 3½ per cent, per annum tax free, will be available for meeting liability to Income Tax, Surtax and Capital Gains Tax.