§ 95. Mr. OSWALD LEWISasked the Chancellor of the Exchequer whether his attention has been called to the fact that, if a co-operative society invests reserve funds directly in the purchase of land, the income it derives from such land is liable to taxation; whereas if it invests such funds in the shares of a limited liability company making profits from land the income it derives from such shares is not subject to taxation; and, if so, whether the Government propose to take any steps to do away with this discrimination?
§ The CHANCELLOR of the EXCHEQUER (Mr. Philip Snowden)I am aware of the facts stated in the question but I cannot argue the subject of 661 the taxation of Co-operative Societies at Question Time. I would remind the hon. Member that opportunity for its discussion will arise in the course of the Debates on next year's Finance Bill.
§ Mr. LEWISAm I to understand that the right hon. Gentleman is satisfied as to the reasonableness of this discrimination?
§ Mr. SNOWDENI have already stated that I cannot argue this at Question Time. An opportunity will be provided next year on the Financial Bill.