§ 49. Mr. MARCUS SAMUELasked the Chancellor of the Exchequer what was the additional amount of Income Tax paid by the co-operative societies under Schedule C for the past year, as compared with the year prior to the amendment of the Income Tax laws relating to co-operative societies?
Mr. CHAMBERLAINThe tax payable under Schedule C, which relates to interest and dividends payable out of public revenue, cannot be distinguished from any other tax payable by the societies. It is estimated that the payment of Income Tax by the societies in the year 1935–36 amounted to £1,350,000. This includes about £500,000 in respect of Income Tax under Schedules A and B which represented the liability of the societies before the Finance Act, 1933.
§ Mr. SAMUELIs this up to expectations, and, in view of the small sum, will the right hon. Gentleman look out for anything in the way of legal evasion?
§ Mr. A. V. ALEXANDERDid the right hon. Gentleman assent to the suggestion of illegal evasion?