Tax Reserve Certificates

259 3 Tax Reserve Certificates The new Tax Reserve Certificates are designed to be used in payment of Income Tax (other than Schedule E), Surtax, National Defence Contribution, Excess Profits Tax, Land Tax and the Contribution under Part 1 of the War Damage Act, 1941. The Certificates will earn Interest at 1% per annum if so used. The Interest earned will not be subject to Income Tax, Surtax, National Defence Con- tribution or Excess Profits Tax. Sums applied in purchase of these Certificates, to the extent to which they are accepted in satisfaction of tax payable by a trade or business, will be treated for E.