§ Lord HOUGHTON of SOWERBY
asked Her Majesty's Government:
What is the current yield and approximate cost of administration, assessment and collection of corporate taxation?
§ Baroness BIRK
The Budget estimate of the yield of corporation tax and petroleum revenue tax in 1977–78, as revised to take account of the rate of ACT as fixed by Section 19, Finance Act 1977, is £2,592 million. The cost of administration, assessment and collection in the same year is estimated to be of the order of £18 million.
NOTE: The part of the National Insurance surcharge (total yield estimated at £1,159 million) paid by bodies within the charge to corporation tax is not separately available.