§ Mr. W. CARTERasked the Chancellor of the Exchequer what will be the loss of Corporation Profits Tax due to the extension of the exemption from the provisions relating to that tax of statutory companies such as railway companies and other public utility undertakings?
Mr. YOUNGThe estimated cost per annum of the proposed extension for a further period of the exemption from Corporation Profits Tax at present accorded to public utility undertakings is £2,750,000. Under any circumstances, no revenue from this source could have been received in the current year as the existing exemption does not expire until 31st December next.