§ Mr. Grocottasked the Chancellor of the Exchequer what checks take place to ensure that banks are giving full details to the Inland Revenue of interest paid to deposit account investors.
§ Mr. Robert SheldonIn order to check that a bank's return of depositors' interest made in accordance with a notice under Section 17 of the Taxes Management Act 1970 complies fully with the requirements 323W of the notice, the Inland Revenue would need to examine the bank's accounting records. The Inland Revenue has no statutory right of access to a bank's records for this purpose.
§ Mr. Grocottasked the Chancellor of the Exchequer if he is satisfied that he receives full notification from banks of interest paid to clients on their deposit account.
§ Mr. Robert SheldonThere is no evidence that returns of depositors' interest made by banks in response to notices issued by Inspectors of Taxes under the provisions of Section 17 of the Taxes Management Act 1970 are other than complete in accordance with the requirements of the notices.