§ Mrs. Chalkerasked the Chancellor of the Exchequer if he will estimate separately the corporate tax relief and personal tax relief given on covenants to charitable bodies in each of the last five years.
§ Mr. Robert SheldonThe estimated income tax relief received by charities in respect of tax deducted from covenanted payments made both by individuals and by companies is estimated as follows:
£m 1972–73 … … 23 1973–74 … … 28 1974–75 … … 26 1975–76 … … 30 1976–77 … … 35 No breakdown is available by reference to payments by individuals and payments by companies.
The gross amount paid by a company is allowed as a deduction against its profits in computing its corporation tax liability. No information is available on the amount of corporation tax relief so obtained.