§ MR. LEVY LEVER (Harwich)I beg to ask the Chancellor of the Exchequer whether the arrangement made with building societies as regards exemption from payment of income-tax upon borrowers' interest, as sanctioned by form No. 13, Building Societies (Arrangement B) Income-Tax, may be extended to registered friendly societies upon similar information being supplied by them as now given by building societies.
§ MR. ASQUITHArrangements are made for exempting as far as possible borrowers' interest paid to friendly societies. The case of friendly societies is not analogous to that of building societies, which enjoy no statutory exemption from income-tax, and the arrangement made with the latter class of societies would not therefore be applicable to the former.