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Building Societies (Income Tax And Surtax)

Volume 487: debated on Tuesday 24 April 1951

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63.

asked the Chancellor of the Exchequer whether there will be any change in the method of assessing Surtax on interest received from deposits and shares in building societies in the fiscal year 1951–52.

64.

asked the Chancellor of the Exchequer what will be the composite rate of Income Tax chargeable to building societies in the fiscal year 1951–52.

The composite rate for 1951–52 has not yet been determined. The appropriate rate will be discussed with the Building Societies Association in due course.

Will the right hon. Gentleman bear in mind the importance of getting the rate settled as early as possible in the year, because on some previous occasions the rate has only been agreed as late as December and it makes it very difficult for undertakings if they do not know the tax liability until such a late stage?