§ Mr. Trotterasked the Chancellor of the Exchequer what is the estimated yield from the corporation tax paid by companies in the current year and the addition which would have to be made to the standard rate of income tax if no revenue was raised from corporation tax.
§ Dr. GilbertThe estimated yield of corporation tax, including ACT and the additional ACT supplement, in 1974–75 is £3,265 million as shown in the Financial Statement and Budget Report 1974–75.534W To raise that amount of additional revenue would require an increase in the basic rate of income tax of about 11 percentage points, at 1974–75 income levels.