§ Dr. Alan Glyn
asked the Chancellor of the Exchequer what he estimates the loss of Government revenue due to the fall in company profits was during the latest available 12-month period compared with the preceding 12 months, both in respect of corporation tax and any other taxes paid by companies for which details are readily available.
§ Mr. Peter Rees
[pursuant to his reply,27 March 1981, c. 445]: The fall in company trading profits, as far as the last few years are concerned, relates essentially to home industrial and commercial companies, excluding North Sea oil and gas activities. Their mainstream corporation tax liabilities on profits arising in 1980 are estimated as about £200 million—10 per cent.—lower than for the previous year. It is not possible to trace the indirect effect of falling profits on other taxes paid by these companies.