§ 53. Mr. CAMPBELLasked the Chancellor of the Exchequer if he can give an estimate of the amount of taxation which would be payable by co-operative societies if they were taxed on the same basis as private trading companies?
§ Mr. P. SNOWDENThe only estimate available of the additional tax that would be paid by co-operative societies is that furnished in reply to a question by the hon. Member for Wycombe (Sir A. Knox) on the 8th May, 1930. On the basis of the trading results of 1928 and a standard rate of 4s. it was then estimated that the additional tax amounted to about £352,000.
§ Mr. CAMPBELLWill my right hon. Friend bear in mind the weight of taxation upon private traders and see that the co-operative societies are taxed in the same way as private traders?
§ Mr. SNOWDENI am aware that there is a widespread demand on the part of private traders, for such a change as is implied in the hon. Member's question. This matter has often been discussed in the House of Commons, and it certainly cannot be adequately discussed in reply to a question.
§ Mr. WISEWill the right hon. Gentleman say what would be the amount of profits to be given back to their customers by private traders if they followed the practice of the co-operative societies?
§ Mr. LONGDENIs the Chancellor of the Exchequer aware that the Royal Commissions of 1905 and 1918 came to the decided conclusion that co-operative societies do not enjoy undue exemption from Income Tax?