Finance Act, 1916

Exemption of interest under war savings certificates from income tax.

42. The accumulated interest payable in respect of any war savings certificate issued by the Treasury through the Post Office under which the purchaser, by virtue of an immediate payment of fiften shillings and sixpence, becomes entitled after five years to receive the sum of one pund, shall not be liable to income tax so long as the amount of the certificates held by the purchaser does not exceed the amount which an individual is for the time being authorised to hold regulations made by the Treasury.