§ Mr. Maples
asked the Chancellor of the Exchequer (1) if he will estimate the additional revenue to be raised from the taxation of controlled foreign corporations as proposed in the Finance (No. 2) Bill (a) at the corporation tax rates in existence before the Budget and (b) at the new corporation tax rates proposed in the Budget for each of the financial years ending in 1985 to 1989;
(2) how much additional revenue he estimates will be raised from the provisions relating to controlled foreign corporations in the Finance (No. 2) Bill in each of the next five financial years based on the new rates of corporation tax; and how much these estimates differ from his original estimates based on a 52 per cent. rate of corporation tax.
§ Mr. Moore
The eventual yield of £100 million, quoted in the Financial Statement and Budget Report 1984–85, is based upon the 35 per cent. rate of corporation tax. Had the complete set of proposals relating to corporation tax not been introduced, the estimate of the eventual yield would have been £150 million. It is not possible to give figures for individual years because of the difficulty of assessing the effect of the corporation tax proposals in the transitional years.