HC Deb 18 November 1931 vol 259 c853W

asked the Chancellor of the Exchequer whether he will furnish figures showing what additional Income Tax would be payable by co-operative societies if their profits for 1930 were assessed to tax on the same basis as the profits of the ordinary trader, indicating the assessments on which they already pay Income Tax under Schedules A and B?


A special investigation based upon the trading results of the year 1928 showed that, on the basis of a standard rate of 4s. in the pound, the Income Tax paid by the societies under Schedules A and B fell short by £352,000 of the tax that would be payable if the total undistributed surplus of the societies was made liable to tax. It is estimated that the figure for the current year would be in the neighbourhood of £500,000.

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