HC Deb 24 April 1951 vol 487 cc31-2W
Mr. Black

asked the Chancellor of the Exchequer at what rate profits tax will be chargeable to building societies in the fiscal year 1951–52.

Mr. Gaitskell

I do not propose to alter the overriding limit of 6 per cent. of the profits computed without deduction of loan interest, as laid down by subsection 3 of Section 7 of the Finance (No. 2) Act, 1947; but, subject to that limitation, building societies will be liable to the increased rate of Profits Tax as from 1st January, 1951.