HC Deb 07 July 1969 vol 786 cc207-8W
Mr. Deedes

asked the Chancellor of the Exchequer (1) whether he will estimate the number of additional bank accounts which will have to be opened in order to separate loans for which interest is allowable from loans for which it is disallowable for tax purposes:

(2) what guidance has been given to the joint stock banks on the administrative procedure they should adopt to distinguish between loans made to customers from interest allowable and interest disallowable.

Mr. David Howell

asked the Chancellor of the Exchequer for how many years back taxpayers will be required to present to their inspectors of taxes an analysis of the content of those bank loans outstanding at 30th June which are partly composed of allowable and partly of disallowable items under Clause 18 of the Finance Bill.

Mr. Ernest Marples

asked the Chancellor of the Exchequer what discussions he has had with the joint stock banks on the administration of the provisions of Clause 18 of the Finance Bill regarding the disallowance of interest charges for tax purposes; and if he will make a statement.

Mr. Harold Lever

My right hon. Friends is considering the arrangements for bank loans, following discussions between the Inland Revenue and the banks, and will be tabling an amendment to the Finance Bill shortly.