Oral Answers to Questions — British Army. – in the House of Commons on 7th May 1940.
asked the Chancellor of the Exchequer what steps he is taking to ensure that the profits made by the co-operative factories which are making boots, textiles and other goods for the Government are not included in their mutual trading profits?
Profits made by a co-operative factory are, like the profits of any other manufacturer, chargeable to Income Tax whether arising from sales to the Government or from sales to any other person.
Is it not the case that the profits of co-operative societies were recently recognised as exempt from taxation?