HC Deb 24 July 1975 vol 896 c328W
Mr. George Rodgers

asked the Chancellor of the Exchequer what would be the yield of corporation tax for 1975–76 if the rates were increased by 5 per cent. and 10 per cent., respectively.

Mr. Joel Barnett

The yield of corporation tax in 1975–76 if the rates on profits arising in 1974–75 were increased by 5 percentage points to 57 per cent. or by 10 percentage points to 62 per cent., with corresponding increases in the small companies rate, is estimated at£2,200 million and£2,275 million, respectively. The estimates do not take into account any reduction in payments of advance corporation tax which might result from consequential changes in companies' dividend payments.