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Private Banking Account Interest Disclosures (Revenue)

Volume 526: debated on Thursday 8 April 1954

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asked the Chancellor of the Exchequer what additional revenue he estimates has resulted from the provision in the Finance Act, 1951, authorising the disclosure by banks of private banking accounts to the Inland Revenue.

There is no provision authorising disclosure of private banking accounts. Section 27 of the Finance Act, 1951, authorised only disclosure of interest paid or credited in excess of £15 per annum. Up to 31st March, 1953, the amount of unassessed tax and penalties recovered as a result of this Section was £7 million. Since that date separate figures are not available.