§ Mr. MACMILLAN
asked the Chancellor of the Exchequer the cost to the Exchequer if all company reserves were relieved of Income Tax until distributed to the shareholders either in the form of dividends or bonus shares?
§ Major ELLIOT
In a normal year the cost of this relief on the basis of a standard rate of 5s. in the £ would be in the neighbourhood of £60,000,000.