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Christmas Clubs And Tontines (Tax)

Volume 722: debated on Tuesday 14 December 1965

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asked the Chancellor of the Exchequer why he has decided this year to tax Christmas clubs and tontine clubs; how he proposes to trace the subscribers; what extra moneys he expects to collect; and whether he is satisfied that the cost of collection will not outweigh the results in finance.

Christmas clubs and tontines, like thrift and loan clubs generally, have for many years been charged to tax on interest and other income. The usual arrangement is that the club accounts for the tax due and thus there is no occasion for the Inland Revenue to collect from individual subscribers.