§ Mr. Dudley Smithasked the Chancellor of the Exchequer what estimate has been made by the Inland Revenue of the administrative cost, cash flow and other savings achieved by operating the composite tax rate system with building societies, rather than seeking to deduct tax from individual account holders through their tax returns.
§ Mr. Peter ReesI refer my hon. Friend to the remarks made by my hon. Friend the Financial Secretary on this subject during the debate in Standing Committee A on 1 July 1980.—[c. 1020–29.]
§ Mr. Eggarasked the Chancellor of the Exchequer what is the estimated revenue likely to be forgone as a result of clause 57 of the Finance (No. 2) Bill.
§ Mr. Peter Rees[pursuant to his reply, 14 July 1980, c. 418]: I refer my hon. Friend to the remarks made by my hon. Friend the Financial Secretary on 1 July 1980 in the course of the debate on this clause in Standing Committee A.—[c. 1020–29.]
§ Mr. Eggarasked the Chancellor of the Exchequer what is his estimate of the tax lost in each of the tax years 1976 to 1980 on the assumption that the composite tax rate paid by building societies for each of those years was that contained in the 1979 survey.
§ Mr. Peter Rees[pursuant to his reply, 14 July 1980, c. 419]: I assume that the survey to which my hon. Friend refers is the latest of the periodic statistical surveys carried out by the Inland Revenue, the results of which form the basis for the annual determination of the composite rate of income tax. Compilation of the results of the latest survey, relating to the tax liabilities and personal circumstances of a sample of building society investors in 1978–79, has yet to be concluded and it is not therefore possible to provide the information requested.