MISCELLANEOUS NOTES 71 
(ii.) interest receivable in 1920-21, taxable by 
deduction,* upon such Victory Bonds or 
Funding Loan, or 5% per cent. Exchequer 
Bonds, 1925, and any other Government 
securities issued at any time after the com- 
mencement of the 1920 Act, 
and the amount of the interest so included exceeds 
the amount of a full year’s interest on the original 
securities converted, the taxpayer may require that 
the excess, while itself chargeable with tax, shall be 
omitted in the computation of his total income for 
the purpose of determining (a) the rate or rates of 
tax at which his income (including the aggregate 
interest) is to be charged, and (b) the amount of any 
abatement or other relief that is to be allowed. 
A form for the purpose of claiming relief under 
this provision will be supplied by the Inspector of 
Taxes upon request. 
(The provision operates to confer relief in those 
cases only where the deduction referred to brings 
the total income below one of the limits of income 
prescribed for a particular reduced rate of tax or for 
some abatement or other relief.) 
Bonus Shares.—W here a prosperous company pays 
a dividend, not in cash but in the form of fully paid- 
up shares, it has been decided that these are not to 
be regarded as income by the shareholder. 
* Tax is deducted where the holding is registered or inscribed 
at the Bank of England or the Bank of Ireland (except in the 
case of interest not exceeding £5 per anmum on Funding Loan) or 
is in bearer form. Tax is not deducted in the case of stock or 
registered bonds forming part of the Post Office issue.