§ Mr. Maudlingasked the Chancellor of the Exchequer (1) what calculation he has made of the reduction in the cost of the investment allowance and other capital allowances that will result from the arrangements for a corporation tax;
(2) what calculation he has made of the loss of net income, if any, that will be suffered by charitable and similar organisations as a result of the introduction of a corporation tax on the profits of companies;
(3) whether the capital gains tax will provide for the level of tax to be related to the period for which the assets are held before realisation;
(4) whether, in order to avoid double taxation, in all cases where the overseas tax paid by a corporation exceeds the amount it is liable to pay in corporation tax, he will arrange for the excess to be offset in computing the tax liability of shareholders on dividends distributed, or otherwise.
§ Mr. CallaghanI have nothing further to add to my Answer of 8th December.