§ 66. Sir C. Osborneasked the Chancellor of the Exchequer, in view of the fact that manufacturing industry's overall level of profits have fallen for the first time for four years, in the opening months of 1967, how much less taxation he now estimates that he will collect from industrial profits; and what new taxes he proposes to impose to fill the gap.
§ Mr. DiamondCorporation Tax paid this financial year will mostly be based on the profits of earlier accounting periods. The limited impact of the fall mentioned was taken into account in the Budget estimates for 1967–68.