§ Mr. Parkinsonasked the Chancellor of the Exchequer how many companies it is estimated in 1977–78 will have taxable profits of less than £30,000; how many will have taxable profits of between £30,000 and £40,000; and what is the estimated corporation tax yield from all companies estimated to have profits of less than £40,000 in the year 1977–78, after all Budget changes.
§ Mr. Joel BarnettIt is not yet possible to provide any precise estimate of the numbers of companies by range of taxable income since sufficient information is not yet available on the impact of stock relief on this size distribution. But it is thought that over 95 per cent. of all companies will either have no liability to corporation tax in 1977–78 or be eligible for the small companies rate or marginal small company relief. Also, it is estimated that in 1977–78 receipts of corporation tax from companies with taxable profits less than £40,000 will be in the range £350 million to £400 million.