§ Sir J. REMNANTasked the Chancellor of the Exchequer what deductions it is proposed to allow to co-operative societies in the collection of the Corporation Profits Tax; and whether similar deductions will be allowed to ordinary trading corporations?
Mr. CHAMBERLAINThe general provisions for the determination of profits for the purposes of Corporation Profits Tax are contained in Clause 45 of the Finance Bill, to which I would refer my hon. Friend. Special provision is made2404W in paragraph (h) of that Clause for treating as a trade expense any sums paid by way of bonus, discount or dividend on purchases in the case of a society registered under the Industrial and Provident Societies Act, 1893.