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Special Contribution

Volume 463: debated on Tuesday 22 March 1949

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55.

asked the Chancellor of the Exchequer whether his regulations provide for the Treasury to pay interest on any sum of Special Contribution paid on or after 1st January, 1949, but before assessment, in excess of the amount which turns out to be due.

As a special contributor who wishes to avoid interest has to guess the amount due, does the reply mean that if he guesses "tails," he loses, and if he guesses "heads," the Chancellor wins?

Is Income Tax repayable on interest charged by the Treasury on overdue contributions?