NATIONAL SAVINGS INTEREST

Press, Volume XCII, Issue 27705, 8 July 1955, Page 3

NATIONAL SAVINGS INTEREST

Sir,—Unless I pay tax on 1954 National Savings interest by July 7, I am in trouble. The Government, however, tries to dodge paying the 1955 National Savings interest on the due date. June 30. The Hereford street office told me to come back with my book in August. I presume this applies to all the accounts and involves a lot of money. The Government thus has two months’ respite before it juggles the interest out of some financial hat. or it may use the two months’ percentage saved on something' else. It is just another anomaly on our slipshod financial times, like the abuse of parking meter revenue.—Yours, etc., EXPLOITED. July 4, 1955. [A reply to this letter, which was referred to the Post Office Department. reads: “Interest on national savings investment accounts is credited on June 30 each year, and passbooks are accepted for the insertion of interest at any time after that date. Owing to the large number of books handled at this period, however, there may be some delay in the return of the passbook to the investor. Applications for the withdrawal of interest may be made at any time within the six months following June 30. In this case it would appear that there has been a misunderstanding between the clerk concerned and the writer, and if the passbook is presented for interest it will be forwarded as requested.’’]