§ Mr. Gwynfor Evans
asked the Chancellor of the Exchequer what was the total 376W and who has no other claims for tax allowances; and what are the equivalent rates in the countries of the EEC, the United States of America and Japan for a person in similar circumstances.
§ Mr. Robert Sheldon
Interest on overdue taxation is not allowed in the United Kingdom as a deduction against income for tax purposes. The following table shows the nominal rates of interest payable and the equivalent gross-up figures at the marginal rates of tax appropriate to the specific income levels at current rates of exchange. Interest on overdue tax is deductible in the United States of America and no gross-up is necessary. In some countries, there are both national and local—State and municipal—income taxes, so that there may be small variations from the figures shown.
Government expenditure expressed in current price terms in 1950, 1960, 1964, 1970 and 1974, respectively; and at what annual rate it is at present running.
§ Mr. Denzil Davies
The information is given in the table below:
TOTAL CENTRAL GOVERNMENT EXPENDITURE AT CURRENT PRICES £ million 1950 … … 3,998 1960 … … 7,478 1964 … … 9,792 1970 … … 17,536 1974 … … 32,620 1975 (provisional) … … 43,640