§ 63. Colonel Sir J. REMNANTasked the Chancellor of the Exchequer how much he estimates has been lost to the national exchequer during each of the last five years by the exemption of the profits of co-operative societies from Income Tax?
§ Mr. BALDWINThe view expressed by the Board of Inland Revenue to the Royal Commission on the Income Tax was that the exchequer had in the past received the full amount which according to the general principles upon which the tax is based can be regarded as properly payable in respect of the operations of Cooperative Societies. This view finds general confirmation in the recommendations of the Royal Commission contained in Part V, Section 12, of their Report, to which I would refer my hon. and gallant Friend.