§ With lower levels of production and imports, total revenue amounted to £4,439 million, or £222 million less than the Budget estimate. Inland Revenue duties produced £2,451 million against an estimate of £2,619 million. All the main heads of duty, except Surtax, were affected by a combination of causes, all operating in the same direction. Profits coming under assessment for 1952–53 showed a smaller increase than had been expected. This was mainly because the recession in the textile and allied trades had a greater effect than expected on companies closing their accounts during the March quarter of 1952. This accounted for part of the deficiency in both Income Tax and Profits Tax. The yield from P.A.Y.E. also fell below the estimate because with lower industrial production earnings did not rise as much as expected. At the same time the increase in the distributed rate of Profits Tax made in 1951 produced less than had been forecast, and there were lower yields from both Stamp Duties and Death Duties.
§ Customs and Excise Duties produced £1,763 million in 1952–53, compared with the estimate of £1,815 million. Drink and entertainments produced a little less than expected, but most of the shortfall occurred on Purchase Tax and the protective tariff duties under the Import Duties Act, 1932. The drop in receipts from the latter duties was, of course, directly due to our import cuts, the size of which I have already described. At the same time Purchase Tax yielded less, partly because deliberate concessions were made to the textile trades after the representations made by hon. Members during last year's Finance Bill debates.