HC Deb 17 February 1921 vol 138 cc307-8W

asked the Chancellor of the Exchequer whether it is intended to levy Corporations Profits Tax on profits of a company which is formed for the purpose of promoting art, science, religion, or other like objects not involving the acquisition of gain, and is precluded by Section 20 of the Companies Act, 1908, from dividing any profits; and whether, if such a company is liable under the words of the statute, he will see his way to exempt it?


The Corporation Profits Tax is imposed upon the profits of a company carrying on any trade or business or any undertaking of a similar character where the liability of the members is limited. The tax is not limited in its conception to those cases in which the profits are distributed to the members, and I do not see my way to propose the exemption which my hon. Friend suggests.