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Internal War Loans Belligerent Countries

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Taxation—No income tax is deducted from or charged upon<br />

interest earned by <strong>War</strong> Savings Certificates nor does interest<br />

have to be included in Income Tax Returns.<br />

Restrictions as to Ownership—Originally <strong>War</strong> Savings Certificates<br />

could be held only by persons with an income<br />

less than £300 a year. This limitation has been withdrawn<br />

and certificates may be purchased by any one but no person<br />

may hold more than £500 maturity value. Certificates<br />

cannot be held by societies or funds without the<br />

consent of the Postmaster General.<br />

Negotiability—Non-transferable except by permission of<br />

Postmaster General and upon payment of one shilling<br />

for each transfer.<br />

39

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