34. Mr. Gresham Cookeasked the Chancellor of the Exchequer whether he will clarify and simplify the tax structure of the nation by introducing a corporation tax for companies in place of 1234 Income Tax and Profits Tax and a graduated Income Tax for individuals in place of Income Tax and Surtax.
§ Mr. Selwyn LloydI have noted my hon. Friend's suggestions, but I cannot anticipate my Budget statement.
Mr. Gresham CookeWould my right hon. and learned Friend keep in mind the fact that the present taxation system is completely illogical, because Income Tax is levied on the income of individuals, but is levied only on the profits of companies? Would it not be better to separate the two systems so that adjustment can be made for individual taxation apart from companies or for companies apart from individuals?
Mr. H. WilsonWhile the Chancellor cannot anticipate his Budget statement, whatever the President of the Board of Trade may do, is he aware that, while we dissociate ourselves from the latter part of the Question on the Order Paper, there is a case to consider the corporation Profits Tax and Income Tax, so that any future Chancellor making remissions of personal taxation does not automatically give a big hand-out to big business in consequence?