asked the Chancellor of the Exchequer whether he proposes to make any changes to the income tax regulations for building societies.
Three minor changes will be made to the regulations which govern the building societies "composite rate" tax scheme. These changes will enable building societies to pay interest gross to depositors in the following limited circumstances:
- On certificate of deposit of £50,000 or more with a duration of between one and five years.
- On time deposits of £50,000 or more in a foreign currency.
- On deposits by a subsidiary of a building society with its parent society.