§ Mr. McCrindleasked the Chancellor of the Exchequer what would be the estimated amount of revenue lost if employers were able to set off against corporation tax, daily luncheon voucher amounts of 20p, 30p, 40p, and 50p.
§ Mr. Denzil Davies, pursuant to his reply [Official Report, 22nd March 1977; Vol. 649W 928, c. 529], gave the following information:
It is not known how the provision of luncheon vouchers is distributed between employers liable to income tax and those liable to corporation tax. However, if it is assumed that the expense was wholly set against corporation tax, and that the increase in value was fully taken up by those providing the vouchers, the cost would be about £20 million, £30 million, £40 million and £50 million respectively.