§ Dr. McDonaldasked the Chancellor of the Exchequer what the net revenue from the National Insurance surcharge will be, bearing in mind that such payments can be set against corporation tax.
§ Mr. Robert Sheldon,pursuant to his reply [Official Report, 6th December 1976], gave the following information:
It is not possible to isolate the impact of the introduction of the surcharge on the yield from corporation tax. However, the net reduction in the PSBR, taking account of the effect of the surcharge on all taxes (including corporation tax) and the associated changes in public expenditure, will be £700 million in 1977–78.