§ Mr. Rookerasked the Chancellor of the Exchequer if he will publish an estimate of income tax forwarded to the Inland Revenue in respect of building society depositors who have no tax liability.
541W
§ Mr. Lawson[pursuant to his reply, 14 July 1980, c. 417]: The available information on the liability to income tax of the investors in building societies is derived from periodic statistical surveys carried out by the Inland Revenue, in order to provide a base for determining the composite rate of income tax payable by building societies on behalf of all their investors under the arrangements referred to in section 343 of the Taxes Act. The latest survey for which results are currently available relates to the year 1975–76, when about £565 million was paid in tax at the composite rate. The survey indicated that in that year about 20 per cent, of the interest was paid to investors who would not have been liable to tax on it if the arrangements had not operated.