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Income Tax

Volume 22: debated on Friday 23 April 1982

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asked the Chancellor of the Exchequer what is the procedure for persons whose only income is interest on building society investment to reclaim overpayment of income tax deducted from that interest at source.

Building societies account for tax at a composite rate on interest paid to most individual investors. This is as average rate of tax computed by taking into account the investors concerned, including those not liable to tax. It is, therefore, not repayable to an exempt individual investor.