§ Mr. Hordernasked the Chancellor of the Exchequer what would be the loss to the Exchequer if the first £1,000 of investment income were exempt from income tax.
There is no governing date for presentation of the Crown Agents accounts for audit but in June 1975 the Minister of Overseas Development directed that audited annual accounts should be submitted to him normally not later than six months after the end of the financial year. I understand the actual dates of presentation for audit and certification were as follows: Year of Account (calendar year) First Draft Accounts Office Account Joint Consolidated Fund Joint Miscellaneous Fund Realisation Account 1969* … August 1970 — — — 1970† … May 1971 July 1971 July 1971 — 1971 … May 1972 June 1972 June 1972 — 1972 … August 1973 August 1973 August 1973 — 1973 … November 1974 July 1974 July 1974 — 1974 … June 1975 June 1975 June 1975 — 1975‡ … February 1976 March 1976 March 1976 June 1976 1976 … February 1977 April 1977 April 1977 April 1977 326W
Year of Account (Calendar year) First Draft Consolidated Accounts Latest Subsidiaries Accounts Certified by Commercial Auditors Final Draft of full Accounts Certification by C&AG 1969* … — — — 9th November 1970 1970† … June 1971 October 1971 10th December 1971 12th January 1972 1971 … January 1973 December 1972 7th January 1973 23rd August 1973 1972 … July 1974 January 1974 20th January 1975 31st January 1975 1973 … February 1975 January 1975 16th June 1975 20th June 1975 1974 … June 1975 July 1975 8th July 1975 9th October 1975 1975‡ … June 1976 July 1976 27th August 1976 3rd September 1976 1976 … April 1977 July 1977 13th July 1977 20th July 1977 * C&AG responsible for audit of Office Fund only; Director General of Overseas Audit Service responsiblefor Joint Consolidated Fund and Joint Miscellaneous Fund. †Form of account determined by Treasury 30th September 1971. ‡ Realisation Account came into being 17th June 1976. The audit of Crown Agents accounts is carried out by Treasury direction under section 3 of the Exchequer and Audit Departments Act 1921. Subject to that, the adequacy and effectiveness of audit control operated by the Exchequer and Audit Department is a matter for the Comptroller and Auditor General.
§ Mr. Robert SheldonI will let the hon. Member have a reply as soon as possible.