§ Mr. Wakehamasked the Chancellor of the Exchequer what is the estimate of taxation payable on profits of business, commerce and industry by corporation tax and income tax schedule D for 1978–79; how much of that taxation will be payable within 12 months of the end of the financial year; and how much will be deferred.
§ Mr. Denzil Davies, pursuant to his reply [Official Report, 5 February 1979; Vol. 962, c. 45], gave the following information:
Income tax under Schedule D Case I and II assessments for 1978–79 is estimated at £1,530 million, gross receipts in 1978–79 at £1.505 million. The corporation tax rate for 1978–79 has not yet been fixed, but the adjusted Budget estimate of net receipts in 1978–70 is £4,137 million. All income tax—apart from cases where there is delay in settling liability—and most corporation tax charged for a financial year is payable within 12 months of the end of that year.
The estimated net impact of capital allowances and stock relief on receipts in 1978–79 is given in "The Government's Expenditure Plans, 1979–80 to 1982–83" (Cmnd. 7439), pages 24–26. How much of the tax deferred will ultimately be recovered through balancing charges and stock relief recovery cannot be reliably estimated.