§ Mr. Bruce-Gardyneasked the Chancellor of the Exchequer if he will publish in the OFFICIAL REPORT details of the computations which have led him to conclude that tapering relief for larger unquoted companies from the impact of the new system of corporation tax would cost the Revenue £75 million; and if he will state the year or years to which such loss would be attributable.
§ Mr. NottFor the purpose of this estimate, my right hon. Friend assumed a scheme of relief for unquoted companies taking the form of a corporation tax rate of 421 per cent. for 1973–74 rising by stages to the illustrative rate of 50 per cent. The figure of £75 million referred to the estimated cost in terms of tax accruing on profits arising in 1973–74.