§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer whether he will publish in theOfficial Report his forecast of the yield in revenue from corporation tax and advance corporation tax in the current financial year and in 1989–90 net of double taxation relief; and if he will include figures showing the amount of tax collected as a percentage of gross trading profit and as a percentage of the amount paid out in dividends.
§ Mr. Norman Lamont[holding answer 27 July 1988]: The latest estimate of the yield in revenue from corporation tax and advance corporation tax for the current financial year is £19.8 billion. The forecast for 1989–90 will be published in the next Financial Statement and Budget Report.
Mainstream corporation tax collected in 1987–88 was 21 per cent, of the gross trading profit in 1986. Advance corporation tax collected in 1987–88 was 36 per cent, of the amount of dividends paid out in 1987.