§ MR. LAMBERTI beg to ask Mr. Chancellor of the Exchequer if co-operative societies registered under the Friendly Societies Acts pay taxes on dividends and profits.
§ MR. RITCHIESocieties which comply with the conditions of the Friendly Societies Acts are exempt from Income Tax, provided that they do not assure to any individual a sum of snore than £200 or an annuity of more than £30. But I understand that a co-operative society (that is, one for carrying on an industry, trade or business) cannot be registered-under the Friendly Societies Acts.
§ MR. LAMBERTDo these societies pay the tax on dividends as well as on profits?
§ MR. RITCHIEWhat societies—friendly or co-operative?
§ MR. LAMBERTFriendly.
§ MR. RITCHIEFriendly societies do, not pay income tax at all if they come-under the description I have given.