§ Mr. Alton
asked the Chancellor of the Exchequer what was the total number of individual taxpayers to benefit by gaining tax relief under the business expansion scheme in 1983–84; and what was their average investment.
§ Mr. Moore
Almost 20,000 taxpayers made investments under the scheme in 1983–84. The average investment was about £5,000.
§ Dr. McDonald
asked the Chancellor of the Exchequer if he will provide an estimate of the number of new jobs created by the business expansion scheme since its inception; and what is the cost of each new job created in this way.
§ Mr. Moore
[pursuant to his reply, 21 March 1985, c. 604]: Further to my replies of 18 March 1985, at columns 395–96, it is now estimated that in 1983–84 about £100 million was invested under the scheme in over 500 companies. The direct revenue cost of tax relief was about £50 million. It is not possible to estimate how many new jobs were created as a result of business expansion scheme investments, though information about just over 300 of the companies receiving investments indicates that these employ a total of nearly 9,000 people. It is too early to provide information in respect of 1984–85 investments.