Schedule 1
Finance Bill
5:30 pm
Jane Kennedy (Financial Secretary, HM Treasury; Liverpool, Wavertree, Labour)
How would the banks distinguish whose savings income was to be taxed at 10 per cent. or otherwise? We would get into the situation where the banks could not distinguish between those who owed more tax because their thresholds did not apply and were not part of the small group that was entitled to a rebate. We would have just as difficult a relationship between HMRC and the taxpayer, as HMRC sought to recover the tax that it was owed.