§ Mr. Austin Mitchellasked the Chancellor of the Exchequer, further to the reply dated 21 March, Official Report, columns 319–22, concerning trading profits and relief from tax, whether he will publish in the Official Report the trading losses in each case which were netted out, the balance which was assessed to corporation tax and the amount of tax collected, and the amount of losses carried forward.
§ Mr. RidleyStatistics are not available centrally about trading losses as these terms are commonly understood for commercial purposes. Figures for corporation tax receipts by subsector are given on page 134 of the Green Paper "Corporation Tax" (Cmnd. 8456).
533WIt is estimated, very tentatively, that the accumulated unused tax losses, excluding the public sector, were approaching £40 billion at the end of 1981. About 20 per cent. of this total related to the North sea sector, about 35 per cent. to manufacturing, and 5 per cent. to financial institutions.
I regret that there was a printing error in my reply of 21 March in columns 319 to 322 of the Official Report. The second and third columns in the section of the table for financial institutions relate respectively to other income and capital allowances claimed.