§ Mrs. WiseTo ask the Chancellor of the Exchequer what is his current estimate of the amount of unclaimed returnable tax on interest paid to non-taxpayer holders of savings in building societies and banks. [20270]
§ Mr. JackOur most recent estimate showed that approximately £500 million of tax was deducted from interest paid by banks and building societies between April 1991 and March 1995, that could be reclaimed, and remains unclaimed by account holders. In order to encourage savers to reclaim this money the Inland Revenue held a tax-back week last September. It told people paying too much tax on their savings how to claim tax back and attracted widespread media publicity.