§ Mr. Parkinsonasked the Chancellor of the Exchequer by how much total taxation has been reduced since June 1970; and how much of this is attributable to cuts in income tax, corporation tax, purchase tax, SET, capital gains tax, estate duty, and improved capital allowances.
§ Mr. NottThe effect of the Government's tax cuts since June 1970 is that tax revenue in 1972–73 will amount to about £3,000 million less than it would have otherwise. This figure is made up as follows:
£ million Income tax and surtax 1,785 Corporation tax 210 Purchase tax 410 SET 225 Capital gains tax, estate duty and stamp duty, etc. 130 Capital allowances 280 Total 3,040