§ Mr. David Mitchell
asked the Chancellor of the Exchequer how much interest has been paid by taxpayers on overdue tax; and how much interest has been repaid by the Inland Revenue on tax paid during the most recent 12 month period for which figures are available.
§ Mr. Robert Sheldon
During the 12 months' period of account to October 1976 the amount of interest collected on overdue tax—excluding capital transfer tax—was £13.5 million. Precisely comparable figures are not available in respect of capital transfer tax but £11.6 million is an estimate of the amount of interest paid on capital transfer tax and estate duty in the fiscal year 1976–77—"Inland Revenue Statistics 1977", Table 96.
It is regretted that records are not kept in a form which permits a figure to be given either for the amount of interest repaid following a reduction in the tax on which the interest was paid or for repayment supplement paid by the Inland Revenue on overpayments of tax.268W
allowances have been increased over the period from 1974–75 to 1977–78 as follows: —