HC Deb 06 December 1968 vol 774 cc599-600W
Mr. Biffen

asked the Chancellor of the Exchequer whether under his regulations a trading company which pays Corporation Tax and betterment levy on profits realised on the disposal of property may make a deduction from the amount of levy; and whether the notes issued by the Land Commission indicating that this can be done in certain circumstances were issued with his approval.

Mr. Harold Lever

Sections 69 to 71 and the Eighth Schedule to the Land Commission Act 1967 allow an off-set in certain limited circumstances of Capital Gains Tax (or Corporation Tax on gains) charged in respect of a disposal of land, against betterment levy chargeable in respect of the same disposal. However, levy payable by persons dealing in land is allowable as a deduction in computing their profits for tax purposes and no offset of tax against the levy is therefore allowable. I am not aware of any statement to the contrary in official publications, but if the hon. Member will inform me which he has in mind I will have it examined.