§ SIR JULIAN GOLDSMID (St. Pancras, S.)asked Mr. Chancellor of the 433 Exchequer, Whether Building Societies are compelled to allow Income Tax to their members who pay interest on money advanced on mortgage; and, whether Building Societies are exempt from payment of Income Tax; and, if they are, whether it should not be by claiming rebate from the Inland Revenue authorities, rather than by refusing to allow the amount to their members when so paying interest?
§ THE CHANCELLOR OF THE EXCHEQUER (Sir WILLIAM HARCOURT) (Derby), in reply, said, the answer to the first part of the Question was in the affirmative; and as to the second, Building Societies were not exempt from payment of Income Tax. He would refer the hon. Member for further information on the subject to an answer given by a preceding Chancellor of the Exchequer on December 4, 1884.