§ Lord Bonham-Carter
asked Her Majesty's Government:
What is the total sum spent by companies on the sponsorship of: (a) the arts; and (b) sport and what is the cost in tax revenue from each of these activities.
§ The Secretary of State for Trade and Industry (Lord Young of Graffham)
The amounts spent by businessess on sponsorship of the arts and sport are estimated at £25 million and £164 million, respectively, by organisations working in those areas. The cost, in terms of tax forgone, will depend on the profits, deductions and reliefs available to the sponsors, but would, in any event, be no higher than £65 million.