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Capital Payments (Tax)

Volume 828: debated on Tuesday 21 December 1971

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asked the Chancellor of the Exchequer what is the practice of the Inland Revenue with regard to the payment of tax on large capital payments received by persons resulting from prizes, fees, awards, earnings, etc., resulting from the person's normal duties, earnings, or business activities.

The Inland Revenue would seek to charge tax upon any such payments which appeared to it to fall within the provisions of Schedule D or Schedule E of the Income and Corporation Taxes Act, 1970.