§ Captain TERRELL
asked the Chancellor of the Exchequer whether the Government intends to adhere to the existing policy of taxing for Income Tax purposes the surpluses of agricultural societies; whether such a policy takes into consideration such losses as were entailed by the abandonment of the Three Counties Agricultural Show; and whether, for such taxation purposes, a show thus affected can spread the loss over a period of years?
§ Mr. SNOWDEN
I see no sufficiently good reason for proposing any amendment of the Income Tax Acts granting relief from taxation in respect of profits made by agricultural societies. The statutory provisions relating to losses are equally applicable to the society to which the hon. Member refers, as to any concern liable to assessment in respect of trading profits.