§ Mr. John Fraserasked the Chancellor of the Exchequer if the Inland Revenue will issue a guidance note making it clear that housing associations engaged in shared ownership schemes are not regarded as trading for the purpose of being subject to corporation tax on surpluses.
§ Mr. John MooreNo. Although unusual, it is not unknown for housing associations to engage in trade and it is only right that any profits from such a trade should be taxed in the usual way.