§ Mr. David Mitchellasked the Chancellor of the Exchequer what are his best estimates of yield of corporation tax paid by all companies eligible for small business relief in 1974–75 and the similar figures for the remaining companies in the private sector and for nationalised industries.
§ Mr. Robert Sheldon, pursuant to his reply [Official Report, 16th May 1975; Vol. 892, c. 190], gave the following information:
The total corporation tax due on profits arising in 1974–75 is estimated as approximately £2,400 million. Of this companies eligible for small companies relief are estimated to account for about 15 per cent. The amount due from nationalised industries is likely to be negligible.
§ Mr. David Mitchellasked the Chancellor of the Exchequer what is his best estimate of the cost in 1974–75 and 1975–76 of reducing the level of small business corporation tax to 39 per cent. and 40 per cent., respectively.
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§ Mr. Robert Sheldon, pursuant to his reply [Official Report, 16th May 1975; Vol. 892, c. 190], gave the following information:
The cost of reducing the small companies rate of corporation tax on profits arising in 1974–75 from 42 per cent. is estimate as follows (£ million):
Small companies rate reduced to Cost in 1975–76 Cost in a full year 39% 18 23 40% 12 15