§ Mr. Lawsonasked the Chancellor of the Exchequer what was the amount of income tax paid in each of the last two financial years and the latest published estimate of the amount that will be paid in 1975–76, in each case divided by the number of households in the United Kingdom.
§ Mr. Robert SheldonThe figures are as follows. Surtax has been included to make valid any comparison between the years.
ing Acts and the Succession (Scotland) Act 1964 a tenant of an agricultural holding has a right to bequeath his tenancy to a member of his family. The interest in the tenancy forms part of the tenant's estate. The question whether the interest in the tenancy has any value for capital transfer tax purposes depends on the circumstances of the case.
The commonest circumstance giving rise to a transfer of value is where the tenancy has a number of years to run and where the rent payable by the transferor at the time of the transfer has not been a full rack rent. There may also 457W be liability to capital transfer tax in respect of the value of any right to compensation for improvements to the land carried out at his expense, for cultivations or for unexhausted manures. In the case of a tenancy held on a year to year basis capital transfer tax liability would be confined to the value of any tenant's rights to compensation.
In Scots law an agricultural tenancy is not normally assignable without the landlord's consent, but if in fact an interest in a tenancy is assigned it may constitute a transfer of value for capital tax purposes.
Industry Period £ million Surplus (Deficit)* National Coal Board … … … … … 1974–75 —† Electricity (England and Wales) … … … … 1974–75 (257.6) North of Scotland Hydro-Electric Board … … … 1974–75 (2.3) South of Scotland Electricity Board … … … 1974–75 (20.4) British Gas Corporation … … … … … 1974–75 (44.2) British Steel Corporation … … … … … 1974–75 65.5 Post Office … … … … … … … 1974–75 (306.7) British Airways Board … … … … … 1974–75 (9.4) British Airports Authority … … … … … 1974–75 3.8 British Railways Board … … … … … 1974 (157.8)‡ British Transport Docks Board … … … … 1974 0.7 British Waterways Board … … … … … 1974 (5.3) National Freight Corporation … … … … 1974 (12.3) National Bus Company … … … … … 1974 (12.3)§ Scottish Transport Group … … … … … 1974 (7.)§ * After depreciation and interest charges and, where applicable, extraordinary items, minority interests, taxation and dividend on public dividend capital. Before, where applicable, grants to me[...]t deficits on revenue account, as well as compensation for price restraint which is payable to the gas and electricity industries and the Post Office † After taking account of social and operational grants totalling £68.2 million. ‡ after taking account of specific grants totalling £231.2 million. § The NBC and STG receive bus fuel tax grants and local authority revenue subsidies, both of which are substantial.