§ 34. Mr. Jayasked the Chancellor of the Exchequer what he estimates would be the additional yield in a full year from Income Tax and Profits Tax on business profits at the rates prevailing in 1951–52, and without reintroduction of the initial allowance, over and above the estimated yield in a full year from the rates now proposed by him.
§ Mr. R. A. ButlerIt is estimated very approximately that the additional yield which would accrue from altering Income Tax and Profits Tax to their 1951–52 rates and withdrawing initial and investment allowances would be £220 million. This figure relates only to tax falling directly on the profits of companies and public corporations.
§ Mr. JayWill the right hon. Gentleman then agree that he has remitted tax on the profits of companies amounting at least to over £200 million in the last four years?
§ Mr. ButlerThat is what I said, and I am very proud of it.