§ 53. Lieut.-Colonel HOWARD-BURYasked the Chancellor of the Exchequer whether he has any information with regard to the invested reserves of cooperative societies; and what amount 210 could be derived from them if they were taxed in the same way as ordinary businesses?
§ Mr. CHURCHILLParticulars of the capital investments of co-operative societies will be found in the Annual Reports of the Chief Registrar of Friendly Societies. The figure of £100,000 which I gave in reply to my hon. and gallant Friend's question on the 17th February as the estimated gain of tax if co-operative societies were charged in the same way as other businesses was computed on the assumption that their investment income as well as the gain on their mutual trading would be charged to tax. I may add that in considering this figure of £100,000 in relation to the surplus shown by co-operative societies after payment of discount, it must be borne in mind that the societies pay out a large amount of interest on share capital on which the Exchequer receives at present the tax to which it is entitled, and that the amount on which the societies already pay tax under Schedules A and B has to be credited against any profits that would come under charge.
§ Lieut.-Colonel HOWARD-BURYCan the right hon. Gentleman say how much he is losing in respect of businesses which formerly paid Income Tax but which are now being taken over by the co-operative societies?
§ Mr. CHURCHILLI dealt with that matter, if my memory serves me right, in an answer last week; and I should not be prepared to give any Estimate in answer to a Supplementary Question.