§ Mr. Hooleyasked the Chancellor of the Exchequer if he will list in the Official Report the gross yield of corporation tax in each financial year in the period April 1974 to March 1978 and an estimate for 1978–79, all figures at constant 1977 prices.
§ Mr. Denzil Davies,pursuant to his reply [Official Report, 23rd November 1978], gave the following reply:
I assume that by gross yield my hon. Friend refers to the yield before taking account of administrative costs. Following are the figures adjusted to average 1977 prices:
£ million 1974–75 … … 4,575 1975–76 … … 2,565 1976–77 … … 2,960 1977–78 … … 3,270 1978–79 (estimate) … … 3,745 The receipts in current price terms have been adjusted by reference to the movement of the retail price index in the period concerned: that for October 1978 has been used as an approximation to 1978–79.