Income Tax and Corporation Tax

HC Deb 10 February 1967 vol 740 c377W

Mr. Sheldon

asked the Chancellor of the Exchequer what is the estimate of the marginal revenue to be obained from a change of one per cent. in Corporation Tax and 3d. in the £ sterling in Income Tax.

Mr. MacDermot

On the basis of the 1966–67 estimates, and allowing for consequential effects on overspill relief, yield of Schedule F Income Tax, etc., an increase in the rate of Corporation Tax of 1 per cent. would yield £31 million for the full year; an increase of 3d. in the standard rate of Income Tax alone would yield £64 million for the full year.