Oral Answers to Questions — Public Health. – in the House of Commons at on 17 September 1931.
Sir Edward Campbell
, Bromley
asked the Chancellor of the exchequer if he can give an estimate of the amount of taxation which would be payable by co-operative societies if they were taxed on the same basis as private trading companies?
Mr Philip Snowden
, Colne Valley
The only estimate available of the additional tax that would be paid by co-operative societies is that furnished in reply to a question by the hon. Member for Wycombe (Sir A. Knox) on the 8th May, 1930. On the basis of the trading results of 1928 and a standard rate of 4s. it was then estimated that the additional tax amounted to about £352,000.
Sir Edward Campbell
, Bromley
Will my right hon. Friend bear in mind the weight of taxation upon private traders and see that the co-operative societies are taxed in the same way as private traders?
Mr Philip Snowden
, Colne Valley
I am aware that there is a widespread demand on the part of private traders, for such a change as is implied in the hon. Member's question. This matter has often been discussed in the House of Commons, and it certainly cannot be adequately discussed in reply to a question.
Mr Edward Wise
, Leicester East
Will the right hon. Gentleman say what would be the amount of profits to be given back to their customers by private traders if they followed the practice of the co-operative societies?
Mr Fred Longden
, Birmingham Deritend
Is the Chancellor of the exchequer aware that the Royal Commissions of 1905 and 1918 came to the decided conclusion that co-operative societies do not enjoy undue exemption from Income Tax?
The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
The House of Commons is one of the houses of parliament. Here, elected MPs (elected by the "commons", i.e. the people) debate. In modern times, nearly all power resides in this house. In the commons are 650 MPs, as well as a speaker and three deputy speakers.
