Major NEWMANasked the Chancellor of the Exchequer whether he is aware that the Co-operative Wholesale Society have recently acquired warehouses and wharves at Hull, Newcastle-on-Tyne, Bristol, Liverpool, Ship Canal, Manchester, and London, and is he able to say that, in respect of the business done at and the value of such wharves and warehouses, the society is paying the same amount in rates and taxes as would a private trader or privately-owned company?
Mr. CHAMBERLAINI have no personal knowledge of the acquisition by this society of the properties referred to in the question, but, assuming the facts to be as stated, the liability to Income Tax would be governed by the provisions of Section 39, Sub-section (4) of the Income Tax Act, 1918, and the answer to the question would therefore be in the negative. Income Tax, Schedule A, would be payable, and so, I believe, would rates, as in the case of a private trader or company.