§ 30. Mr. Roebuckasked the Chancellor of the Exchequer if he will introduce legislation to give the first £15 of interest on co-operative shares the same income tax concessions as are allowable on deposits in Post Office and Trustee Savings Banks.
§ Mr. CallaghanNo, Sir.
§ Mr. RoebuckIs my right hon. Friend aware that this is a form of saving which is most convenient to the housewife, whose dividend on her purchases in cooperative shops can be transferred to share capital by a book-keeping operation? Will he look at this matter again, in the interests of encouraging small savers?
§ Mr. CallaghanI follow the point, which has been put to me a number of times, but the principle upon which this concession is based is that it is in respect of small savers who place their money with the Post Office Savings Bank and so lend it direct to the Government.
§ Mr. RankinIn view of the fact that on 10th June, 1964, my right hon. Friend the Chancellor and 21 Ministers in the present Government voted for this reform, can he say what circumstances have now arisen to make them change their views?
§ Mr. CallaghanMy hon. Friend has a most inconvenient memory. I must go away and look up the Division lists.
§ Sir G. NabarroIs it not a fact that the objective of this Question could be better achieved by cancelling the Selective Employment Tax for all co-operatives?
§ Mr. CallaghanNo, Sir. I do not think that the two matters are related in any way.