§ Mr. Trewasked the Chancellor of the Exchequer by how much the total burden of taxation on industry has been reduced since June 1970, broken down by individual taxes.
§ Mr. Nott, pursuant to his reply [OFFICIAL REPORT, 15th November 1973; Vol. 864, c. 216], gave the following information:
I regret that it is not possible to estimate the extent to which industry generally has benefited from reductions in taxation. But if the rates of tax and capital allowances in force in June 1970 were still in force the company sector would be paying about £1,000 million more in corporation tax in 1973–74.