§ Brigadier-General COLVINasked the Chancellor of the Exchequer whether, having regard to the fact that building societies are not trading companies and that their profits are kept at a minimum, they will be exempted from the Corporation Profits Tax?
Mr. YOUNGUnder the present law building societies are exempted from Corporation Profits Tax until the 31st December next. As regards the subsequent treatment of these societies, I have received representations from the; Building Societies Association and I will give them my consideration, but I cannot at the moment announce any decision on the matter.