Building Societies (Tax)

HC Deb 13 March 1958 vol 584 c82W

Mr. Woollam

asked the Chancellor of the Exchequer whether he will give the composition of every £ of tax paid by building societies as between Income Tax, Profits Tax, and Income Tax paid on shareholder's interest payments.

Mr. Simon

For 1956 about 3s. 3d. for Income Tax on undistributed profits, 1s. 3d. for Profits Tax and 15s. 6d. for Income Tax on interest paid.

Mr. Woollam

asked the Chancellor of the Exchequer whether he will abolish Profits Tax on building societies.

Mr. Simon

I cannot anticipate my right hon. Friend's Budget statement.