§ 92. Mr. Bodyasked the Chancellor of the Exchequer how many companies are being assessed for Corporation Tax in excess of their net income in the year that assessment for Corporation Tax overlaps the year of assessment for Income Tax.
§ Mr. MacDermotI assume that the hon. Member is referring to the treatment of charges such as yearly interest. Such payments, if made before 6th April, 1966, are not a deduction from profits for 231W corporation tax purposes, although paid in a Corporation Tax accounting period, since they have already qualified for relief against Income Tax. Information as to the number of companies affected is not available.