62. Colonel BURNasked the Chancellor of the Exchequer if he will place local authorities, on being assessed for Income Tax, in the same position as a private individual, so that, where the local authority owns two or more trading undertakings, they shall be entitled to set off against the profits of any one or more of those undertakings the losses which they may incur in any of their other undertakings, and be liable to Income Tax on the net result?
Mr. CHAMBERLAINConsideration of this question must be deferred until the Report of the Royal Commission on the Income Tax has been presented.