§ Mr. Hooley
asked the Chancellor of the Exchequer if he will publish in the Official Report the gross yield of corporation tax in each financial year from 1970–71 to the current financial year and an estimate of the yield in 1976–77, expressed at constant 1975 value.
§ Mr. Denzil Davies,
pursuant to his reply [Official Report, 13th April 1976; Vol. 909, c. 486], gave the following information:
Net receipts of corporation tax in each financial year from 1970–71 to 1975–76 expressed in 1975 prices were:
1970–71 2,842 1971–72 2,553 1972–73 2,340 1973–74 3,132 1974–75 3,347 1975–76 1,857* * Provisional.
The corresponding figure for 1976–77 depends on changes in the value of money during the coming year.615W
The figures of net receipts at current prices have been adjusted by the raio of average prices for the December quarter in each financial year to those of the calendar year 1975.
Figures from 1973–74 onwards include advance corporation tax.