§ 8. Mr. Nabarroasked the Chancellor of the Exchequer what is the revised estimated yield of Purchase Tax in 1962–63; and how much yield is expected in that year from each, respectively, of the 10 per cent., 15 per cent., 25 per cent., and 45 per cent. rates of Purchase Tax, all figures expressed after the reduction of Purchase Tax on motorcars from 45 per cent. to 25 per cent.
§ Mr. MaudlingThe revised Purchase Tax estimate for 1962–63 is £597 million. The anticipated yields from the individual rates requested by the hon. Member are £157 million; £30 million; £199 million and £211 million, respectively.
§ Mr. NabarroWould my right hon. Friend consider the special position which now arises with those manufactured goods which remain on the 45 per cent. rate of Purchase Tax since he removed motor cars from it? Does he not regard, for instance, radios, television sets, cosmetics, and gramophones and discs as having an equally relative export potential as motor cars, and why should these important products be left out on a limb at the highest rates, while motor cars have been preferred by my right hon. Friend?
§ Mr. MaudlingI explained to the House my reasons for the special move in the case of motor cars, which I think was fully justified. As far as the other items on the 45 per cent. rate are con- 986 corned, I shall be reviewing the whole Purchase Tax situation in connection with my forthcoming Budget.
§ Mr. NabarroJolly good. I shall ask my right hon. Friend a lot more Questions about that.