§ 49. Mr. MARCUS SAMUELasked the Financial Secretary to the Treasury whether he will institute an inquiry into the loss occasioned to the revenue by reason of co-operative societies selling goods for export and for the profit and not the use of their members, thereby diverting from competing firms profits which would be taxable in the ordinary way?
§ Mr. COOPERI would remind my hon. Friend that the legislation which was passed in 1933, giving effect to the recommendations of the Committee of Inquiry into the position of the Co-operative Societies in relation to the Income Tax, repealed the exemption under Schedules C and D hitherto enjoyed by the societies and placed them in the same position for Income Tax purposes as ordinary trading companies.
§ Mr. MARTINWas it not admitted at that time that the principle was mutual trading; and is the export of goods considered to be mutual trading?