§ Mr. TILLETTasked the Chancellor of the Exchequer whether he is aware that British bankers have established in France banking offices and agencies, and have made substantial financial advances to French traders and commercials while withholding assistance to British traders under equivalent conditions; and whether he will take powers to make such profits taxable in this country?
Mr. CHAMBERLAINI am aware that some British banks have offices and agencies abroad, but I have no special knowledge of the conditions on which British bankers make advances to their home or foreign customers. As regards the second part of the question, I can assure the hon. Member that British banks are already taxed on the whole of their profits, including those derived from their foreign offices and agencies. Subsidiary companies which British banks may have formed abroad are also liable to British taxation on the whole of their profits.