§ Mr. Cryerasked the Chancellor of the Exchequer if he will list the cost of corporation tax allowances at 1978 prices of 1973, 1974, 1975, 1976, 1977 and 1978.
§ Mr. Denzil Davies,pursuant to his reply [Official Report, 30 March 1979: 609W Vol. 965, c. 377], gave the following answer:
I assume my hon. Friend has in mind the cost of capital allowances and stock relief. Some information on these has recently been published in table 1.5 of "Inland Revenue Statistics 1978"—see note on the estimates on page 2 ibid. The figures quoted relate to industrial and commercial companies—including North Sea oil and gas—but exclude those operating mainly abroad and public corporations.
Corresponding figures to those in footnote 5b of the table adjusted to 1978 prices by means of the general index of retail prices are as follows:
£ million 1974–75 4,250 1975–76 4,725 1976–77 4,000 1977–78 3,750 1978–79 4,250 Comparable information for 1973–74 is not available.