§ Mr. FIELD
asked the Chancellor of the Exchequer (1) whether he is aware that co-operative societies under the Industrial and Provident Societies Act, Section 24, are exempted from assessment to Income Tax under Schedule C and Schedule D of the Income Tax Acts; whether, seeing that the declared profits of the co-operative societies for the year 1915 amounted to £15,000,000 sterling and that no Income Tax is assessed on this amount, thus causing loss to the revenue, he proposes to take any action in the matter; (2) whether he is aware that co-operative societies' profits are not treated as profits; that individual members of co-operative societies are not liable for assessment to Income Tax on the dividends received from co-operative societies even if their incomes exceed the exemption limit; and whether, seeing that co-operative societies have contracted with non-members and with Government Departments for large supplies on the profits of which 579W they pay no Income Tax and that in consequence an additional burden is put on the individual trading community, he proposes to take any action in the matter?
§ Mr. McKENNA
I fear I can add nothing to the replies I gave on the 10th November last in connection with a question on this subject by the hon. Baronet the Member for Mid-Armagh.