§ 62. Mr. Butcherasked the Chancellor of the Exchequer whether he will consider bringing such income of the Milk Marketing Board as may arise from trading profits into the field of taxation?
§ The Chancellor of the Exchequer (Sir John Simon)Profits arising from trade are chargeable to Income Tax under the existing law, and there is no provision exempting the Milk Marketing Board in respect of any such profits. The question whether the Milk Marketing Board is carrying on a trade, and is consequently liable to Income Tax on trading profits (if any), is under consideration.
§ Mr. T. WilliamsCan the right hon. Gentleman say whether the Milk Marketing Board have made any profits, because they only collect the money?
§ Sir J. SimonI merely said "trading profits (if any)."
§ Mr. MacquistenWould it not be better if the Milk Marketing Board were abolished, the cost of it saved, and the milk sold at a price which people can pay?