§ Mr. Skeetasked the Chancellor of the Exchequer what would be the cost to the Exchequer if building societies were exempt from paying tax on the first £40 of investment earned by savers on building society accounts.
§ Mr. Skeetasked the Chancellor of the Exchequer what would be the cost to the Exchequer if income tax paid by building societies was reduced from the current rate of 30 per cent. to 20 per cent in the current year.
§ Mr. NottThe composite rate of tax for the current year has not yet been determined. For 1972–73, when the composite rate was 30 per cent., the cost would have been about £70 million if the saving to building societies from the reduction were not distributed to shareholders.