§ 72. Mr. Nabarroasked the Chancellor of the Exchequer how much of the Purchase Tax yield of £173,500,000 estimated for the current financial year 1960–61 in respect of road vehicles, excluding cycles, was returned to owners in the form of initial allowances and 25 per cent, depreciation for tax purposes in the first year after purchase.
§ Sir E. BoyleIt is too early to say, but it is estimated that, at present tax rates, the value in terms of tax of the initial allowances and annual allowances 61W in the first year in respect of the Purchase Tax of £1731 million would be about £15 million.