HC Deb 01 March 1966 vol 725 c254W
Mr. Costain

asked the Chancellor of the Exchequer, in view of the fact that the Inland Revenue Annual Report for the year ended 31st March, 1965, indicates that the assessable profits under Case VII of Schedule D for the year 1963–64 were £2 million, what was the actual yield of tax from the assessments of £2 million; and what was the cost of assessing and collecting that amount.

Mr. MacDermot

About £1 ¼ million from formal assessments including Surtax and Profits Tax thereon. A further amount of tax estimated at about £100,000 was not the subject of formal assessment. The cost of assessment and collection cannot be satisfactorily separated from that of the other taxes on profits and incomes.