§ MR. SEALE-HAYNE (Devon, Ashburton)asked Mr. Chancellor of the Exchequer, Whether the provisions of Clause 21 (3) of the Customs and Inland Revenue Bill are intended to apply to Building Societies, such Societies having been decided, by the Special Commissioners in 1877, to be exempt from payment of tax under Shedule D?
§ THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN) (St. George's, Hanover Square)A. Building Society, if conducting its ordinary business, would not be brought within the operation of Clause 21 of the Customs and Inland Revenue Bill. There is no special exemption from Income Tax in favour of Building Societies generally. The decision of the Special Commissioners to which the hon. Member refers was pronounced upon a particular case, and was to the effect that the particular Society appealing to them had no funds chargeable with Income Tax.