§ Dr. McDonaldasked the Chancellor of the Exchequer if he will publish in the Official Report a table showing the revenue contributed by (a) income tax and surtax, (b) estate duty or capital transfer tax, (c) capital gains tax, (d) investment income surcharge and (e) mainstream corporation tax, showing the contribution of each as a proportion of all Inland Revenue receipts in each year since 1965. and giving an estimate for the current year.
§ Mr. Peter Rees[pursuant to his reply, 10 March 1980, c. 450]: The figures are given below.
Up-to-date estimates for 1979–80 will be published in the Financial Statement and Budget Report at the time of the Budget Statement.
I regret that separate figures for receipts of investment income surcharge (included in the figures for income tax) are not available. Estimates of the full year yield of investment income surcharge are as follows:
669W
£ million Before 1973–74 Nil 1973–74 136 1974–75 202 1975–76 232 1976–77 265 1977–78 253 1978–79 276 670W671W
INLAND REVENUE RECEIPTS Income Tax* Surtax* Estate Duties CTT CGT Mainstream Corporation Tax† Corporation Tax* Advance Corporation Tax Total All Inland Revenue Taxes‡ Total Receipts £ million 1965–66 3,683 204 293 — — — — — 4,693 1966–67 3,236 244 301 — 8 — — 1,049 4,997 1967–68 3,814 239 330 — 16 — — 1,214 5,743 1968–69 4,349 225 382 — 47 — — 1,344 6,546 1969–70 4,907 255 365 — 128 — — 1,697 7,492 1970–71 5,731 248 357 — 139 — — 1,583 8,180 1971–72 6,432 348 451 — 155 — — 1,554 9,110 1972–73 6,477 341 459 — 209 — — 1,533 9,248 1973–74 7,137 307 412 — 324 1,865 393 2,262 10,634 1974–75 10,271 186 339 — 382 1,730 1,129 2,859 14,236 1975–76 15,041 109 212 118 387 1,119 877 1,996 18,143 1976–77 17,014 62 124 259 323 1,641 1,014 2,655 20,711 1977–78 17,420 30 87 311 340 2,137 1,206 3,343 21,914 1978–79 18,748 15 46 323 353 2,569 1,371 3,940 24,055 672W
RECEIPTS AS A PROPORTION OF THE TOTAL FOR EACH YEAR Income Tax* Surtax* Estate Duties CTT CGT Mainstream Corporation Tax†† Corporation Tax* Advance Corporation Tax Total All Inland Revenue Taxes‡ Total Receipts 1965–66 78.5 4.3 6.2 — — — — — 100.0 1966–67 64.8 4.9 6.0 — 0.2 — — 21.0 100.0 1967–68 66.4 4.2 5.7 — 0.3 — — 21.1 100.0 1968–69 66.4 3.4 5.8 — 0.7 — — 20.5 100.0 1969–70 65.5 3.4 4.9 — 1.7 — — 22.7 100.0 1970–71 70.1 3.0 4.4 — 1.7 — — 19.4 100.0 1971–72 70.6 3.8 5.0 — 1.7 — — 17.1 100.0 1972–73 70.0 3.7 5.0 — 2.3 — — 16.6 100.0 1973–74 67.1 2.9 3.9 — 3.0 17.6 3.7 21.3 100.0 1974–75 72.1 1.3 2.4 — 2.7 12.2 7.9 20.1 100.0 1975–76 82.9 0.6 1.2 0.7 2.1 6.2 4.8 11.0 100.0 1976–77 82.1 0.3 0.6 1.3 1.6 7.9 4.9 12.8 100.0 1977–78 79.5 0.1 0.4 1.4 1.6 9.7 5.5 15.2 100.0 1978–79 77.9 0.1 0.2 1.3 1.5 10.7 5.7 16.4 100.0 * The figures for income tax and corporation tax before 1973–74 are not strictly comparable with those for 1973–74 onwards because of the introduction of the unified system of income tax, the abolition of surtax and the introduction of the imputation system of corporation tax. † Mainstream corporation tax is defined as total corporation tax less advance corporation tax. The figures exclude transitional relief under Finance Act 1965. ‡ Includes also petroleum revenue tax, development land tax and stamp duties.