HC Deb 17 February 1966 vol 724 c1506
4. Mr. Mawby

asked the President of the Board of Trade what representations have been received by his Department on the effects on industry and commerce of the Corporation Tax.

Mr. Darling

Formal representations on matters of taxation are made to my right hon. Friend the Chancellor of the Exchequer, but views on various aspects of the Corporation Tax have been put to my Department by representatives of industry and commerce.

Mr. Mawby

I accept that this is obviously a matter primarily for the Chancellor of the Exchequer, but does not the hon. Gentleman realise that a great responsibility is placed upon the President of the Board of Trade and that people in industry ought to know by now at least what the rate will be which they will be charged?

Mr. Darling

The President of the Board of Trade can hardly announce the Chancellor's rate of Corporation Tax before the Budget.

Mr. William Clark

Will the hon. Gentleman agree that the figures of 35 and 40 per cent. are being bandied about and, further, that this difference of 5 per cent. means additional taxation to industry of £150 million a year?

Mr. Darling

I am not sure whether the hon. Gentleman's calculations are correct, but, in any case, the question ought to be put to the Chancellor of the Exchequer.

Mr. Barnett

Will my hon. Friend take steps to ensure that companies are not misled by right hon. and hon. Members opposite as to the effects of the Corporation Tax, and will he ensure that industry and commerce are made aware that, in so far as they plough back their profits, they will be better off under the new system than under the old?

Mr. Darling

Yes, Sir.

Forward to