§ Mr. Millan
asked the Chancellor of the Exchequer if he will give an estimate of a full year's yield of Purchase Tax at present rates, showing how much is estimated to come from each of the rates of 10 per cent., 15 per cent., 25 per cent., and 45 per cent.
§ Mr. du Cann
The Financial Statement (1962–63) showed the estimated revenue from the Purchase Tax to be £606 million in the financial year 1962–63. This corresponded to a full year yield of £622 million. If the present rate of 25 per cent. on motor cars had been in force for the whole of the financial year, the latter estimate would have been £567 million, made up as follows:
Rate Yield £ million 10 per cent. … … 169 15 per cent. … … 50 25 per cent. … … 279 45 per cent. … … 69 567