§ 62. Lieut.-Colonel HOWARD - BURY
asked the Chancellor of the Exchequer approximately what sum would be realised if co-operative societies were taxed in the same way as other businesses?
§ Mr. CHURCHILL
I assume that my hon. and gallant Friend is taking the view that the margin derived from mutual transactions is a profit which may appropriately be charged to Income Tax. If this assumption be accepted, and if in other respects Co-operative Societies were taxed in the same way as other businesses, I am advised that the additional tax received would be in the neighbourhood of £100,000 per annum.
§ Lieut.-Colonel HOWARD-BURY
Does not the right hon. Gentleman accept the view that it would be as well if the benefits derived from this tax went to his Government, instead of going in propaganda against the Government?