§ 49. Sir COOPER RAWSON
asked the Chancellor of the Exchequer whether he will consider subjecting the income derived from the reserves of co-operative societies, irrespective of the particular mode of investment and any net profits which are not actually returned periodically to members by way of dividend or discount on purchases, to Income Tax charges in the present Budget?
§ Mr. P. SNOWDEN
The hon. Member will appreciate that I cannot at this stage add to the proposals sanctioned by the House in the Budget resolutions.
§ 54. Sir JOHN FERGUSON
asked the Chancellor of the Exchequer if he will, when conducting the promised examination into the question of taxation to be paid by co-operative societies, give special attention to the large increase in their turnover, amounting to £13,000,000 during the past year, and to the loss of revenue caused by the absorption in these societies of small businesses which previously had paid Income Tax?
§ Mr. SNOWDEN
I would refer the hon. Member to the answer which I gave to the hon. Member for Bromley (Mr. Campbell) on the 17th September. I am not aware that an examination into the question of the taxation of co-operative societies has been promised, and, indeed, I doubt if one is required. If and when a new examination is undertaken, however, all relevant considerations will naturally be taken into account.
§ Sir J. FERGUSON
The noise was very great the other day, but some of us thought that the Chancellor of the Exchequer had promised this examination.
§ Sir W. DAVISON
Does the Chancellor of the Exchequer realise the sense of grievance that is felt by private traders, in view of the serious additional burden which has now been placed upon them and which is entirely escaped by their trade rivals?