§ Mr. Page
asked the Chancellor of the Exchequer the estimated taxation relief granted in connection with shipbuilding in this country compared with such relief, subsidies and other Government aid granted to shipbuilding in the chief shipbuilding countries which are members of the Organisation for European Economic Co-operation.
§ Mr. H. Brooke
It is provisionally estimated that, in making assessments for 1955–56 on the profits of United Kingdom shipowners, the deductions to be made for capital allowances, less any balancing charges, will amount to about £70 million, which is equivalent to a reduction of just over £30 million in the Income Tax and Profits Tax otherwise payable. I regret that comparable figures for other member countries of the Organisation for European Economic Co-operation are not available.