HC Deb 15 April 1958 vol 586 c45

On the basis of existing taxation I estimate total revenue at £5,490 million—£147 million more than last year. Inland Revenue duties are expected to yield £2,975 million and Customs and Excise duties £2,235 million. These figures are £120 million and £85 million respectively more than last year's yields. I expect an increase of £3 million from motor vehicles duties, which are estimated to yield £104 million.

The estimate for non-tax revenue is £176 million, compared with £237 million last year. One reason for this fall of £61 million is that last year we had a book-keeping windfall of £37 million from the return of interest payments on the North American loans, which had been deposited in a special account pending negotiation with the Governments concerned. As my predecessor explained last year, this item was not revenue in any real sense; but it had to be included in the accounts. Another reason is that miscellaneous revenue will be reduced by the continued fall in the sale of Government-owned stocks.

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