§ Lord HOUGHTON of SOWERBY
asked Her Majesty's Government:
- (i) what is the current estimate of the accumulated total of corporation tax deferred on account of stock relief;
- (ii) what is the current proportion of corporation tax collected at the lower rates; and
- (iii) approximately how much corporation tax is paid by nationalised industries.
§ The PARLIAMENTARY UNDER-SECRETARY of STATE, DEPARTMENT of the ENVIRONMENT (Baroness Birk)
1. The current estimate of the accumulated total of corporation tax deferred on account of stock relief up to 31st March 1978 is of the order of £4,500 million.
2. The proportion of corporation tax relating to companies within the field of the small companies rate and marginal relief is probably about 15 per cent.
3. Public corporations paid roughly £10 million corporation tax in 1977.