HC Deb 01 March 1978 vol 945 cc270-1W
Mr. Tebbit

asked the Chancellor of the Exchequer, pursuant to the reply by the Chief Secretary to the Treasury, Official Report, 17th November 1977, column 349, to the hon. Member for Chingford, whether, now that statistics are available for 1977, the Cabinet is agreed that the standard of living of the ordinary man in the United Kingdom has fallen substantially since the last General Election.

Mr. Joel Barnett

, pursuant to his reply [Official Report, 28th February 1978]; Vol. 945, c. 183], gave the following answer:

Final figures for real personal disposable income for the whole of 1977 are not yet available. The relationship between real personal disposable income and social benefits in 1976 is set out in an article in the forthcoming issue of Economic Trends.

Mr. Ian Stewart

asked the Chancellor of the Exchequer if he will furnish estimates, within the estimated yield of corporation tax in the year 1977–78, for the elements accounted for by (a) advance corporation tax, and (b) mainstream corporation tax.

Mr. Denzil Davies,

pursuant to the reply [Official Report, 27th February 1978; Vol. 945, c. 81], gave the following answer:

Following are the figures:

£ million
Budget estimate of net receipts of Corporation Tax 2,560
Advance Corporation Tax (gross) 1,160
Mainstream Corporation Tax (net of all CT repayments) 1,400

It is now clear, however, that receipts will be significantly higher than expected at the time of the Budget, mainly in respect of mainstream corporation tax.

NOTE: The figure of ACT relates to the gross amount collected without formal assessment. Some ACT is collected after assessment and some is repaid; the amounts are relatively small and not distinguishable from mainstream tax in the figures available.

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