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Government Stocks (Tax Refunds)

Volume 530: debated on Tuesday 13 July 1954

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17.

asked the Chancellor of the Exchequer how much of !he interest due on 1st May, 1953, on the Government stocks, a list of which has been sent to him, and which was paid less tax at 9s. 6d. in the £ instead of at 9s. in the £ has not yet been claimed by the stockholders, registered at the appropriate date; and whether he will now issue instructions to the Bank of England to issue supplementary dividend warrants; and why a credit adjusting such incorrect deduction was not allowed on the next half year's dividend warrant.

The information asked for in the first part of the Question is not available centrally and could not be obtained without a disproportionate amount of work. The answer to the second and third parts of the Question is that applications for refund of tax over-deducted in these circumstances are dealt with by the Inland Revenue. Stockholders concerned were so advised in a notice circulated by the Bank of England.