English shareholders. The cheques are issued for the full amount of the dividends, and bearing the heading "Dividend No. (1) Is the London banker justified (in the absence of any special instructions from the drawers of the cheques) in making a deduction from the amounts of such cheques in respect of English Income Tax? (2) Should not the London banker pay the cheque in full and leave the payee to furnish the necessary particulars of such foreign dividends received by him in his annual return to the Income Tax authorities? ANSWER: The banker should pay the amount of the cheque in full and is not justified in making any deduction on account of Income Tax. Bank Post Bills-Limit of time. QUESTION 1189.-What are bank post bills within the meaning of 27 & 28 Vict., c. 86, and 30 & 31 Vict., c. 89; and may they (in Ireland) be drawn either payable" days after date " days after sight"; and is there any limit as to the number of days that may be inserted? 66 " or ANSWER: We are unable to find any legal definition of Bank Post Bills, within the meaning of the Acts quoted, but they appear to be instruments in the nature of Promissory notes or Bills of Exchange drawn by duly licensed bankers in Ireland on themselves, payable to order a specified number of days after date or after sight, for any sum of money amounting to £5 and upwards. They may be drawn either payable" date 66 or days after days after sight," and we can find no authority for imposing any limit as to the number of days that may be inserted. |