§ Mr. Woodallasked the Chancellor of the Exchequer how much of the estimated yield of corporation tax in 1976–77, £2,650 million, was advance corporation tax; and how much of the £894 million tax payments made by industrial and commercial companies in 1975, as shown in Table 9.1 of Financial Statistics, was advance corporation tax.
§ Mr. Denzil Davies, pursuant to his reply [Official Report, 27th April 1977; Vol. 930, c. 366], gave the following information:
The total of net receipts of corporation tax of £2,650 million in 1976–77 includes £1,075 million payments of advance corporation tax gross of repayments. In 1975–76 total advance corporation tax gross of repayments amounted to £909 million together with late payments of £8 million of advance corporation tax. Of this £917 million, some £715 million is provisionally estimated to relate to industrial and commercial companies. However, the figures of total 414W taxes on income in Table 9.1 of Financial Statistics are not on a directly comparable basis as they are net of all repayments of corporation tax and also are adjusted to allow for changes in the amount of income tax in the hands of companies which has been deducted from wages and salaries under PAYE and from interest payments under Schedule 20.