§ Sir R. Russell
asked the Chancellor of the Exchequer if he will state the amount paid in Income Tax, Profits Tax and Corporation Tax by companies in the public and private sectors of the economy, respectively, excluding tax paid by employees, in the last five years.
§ Mr. Green
In the five years 1959 to 1963 inclusive tax paid by public corporations amounted to £49 million and payments by companies in the private sector to £4,262 million. These figures cover Income Tax, Profits Tax and small amounts of Excess Profits Tax and Excess Profits Levy. Payments of Corporation Duty, which was abolished in 1959, were negligible. The figures exclude tax paid by employees and also Income Tax charged on companies and 33W public corporations but recovered by them by deduction from payments of dividends and interest.