§ Mr. Gourlay
asked the Chancellor of the Exchequer what was the total amount of deferred tax allowed to companies in the financial year ended 5th April 1977.
§ Mr. Denzil Davies
The reduction in net payments of corporation tax due to stock relief is now estimated as approximately £940 million in 1976–77. It is not possible to make estimates of other deferred taxation, such as that resulting from the excess of first year capital allowances over commercial depreciation provisions.