§ Mr. Stratton Millsasked the Chancellor of the Exchequer if he will revise his Budget estimate of £1,000 as the yield of Corporation Tax for 1966–67 in the light of the substantial fall in company profits during the current financial year; and if he will make a statement.
§ Mr. MacDermotThe Corporation Tax payable in 1966–67 is in most cases based on the profits of accounting periods ending in 1965–66 and the Corporation Tax estimate for 1966–67 is not therefore affected by current variations in profits.
373W
§ Mr. Stratton Millsasked the Chancellor of the Exchequer if he will estimate the yield of Corporation Tax for 1967–68 on the basis of a rate of 40 per cent.
§ Mr. MacDermotThe estimate of the yield of Corporation Tax in 1967–68 will, as is customary, be published in the Financial Statement at the time of the Budget.