§ Mr. W. Clarkasked the Chancellor of the Exchequer what was the total product of Profits Tax from building societies during the fiscal year 1960–61; and what is the estimated revenue for 1961–62 assuming the increased rate of 15 per cent.
§ Sir E. BoyleThe yield of Profits Tax from the building societies in the fiscal year 1960–61 is estimated at about £2 million. The estimated yield in the current year, 1961–62, is about £3 million. The proposed increase in the rate of tax from 12½ per cent. to 15 per cent. will have no appreciable effect on the yield this year.