§ Mr. Denzil Daviesasked the Chancellor of the Exchequer what was the total amount, for the latest available year, of the net taxed earnings of the overseas subsidiaries of United Kingdom companies.
§ Mr. Biffen, pursuant to his reply [Official Report, 22 June 1979], gave the following answer:
Excluding the transactions of oil companies the earnings of overseas subsidiaries—including associated companies—of United Kingdom companies after allowance for depreciation and overseas taxes is provisionally estimated to be £2,079 million in 1978. This figure excludes profits of overseas branches, which amounted to £320 million in 1978. Figures for earlier years are published in the Business Monitor M4 series.
§ Mr. Denzil Daviesasked the Chancellor of the Exchequer what was the total amount of profits, in the latest available year, remitted by the overseas subsidiaries of United Kingdom companies.
§ Mr. Biffen, pursuant to his reply [Official Report, 22 June 1979], gave the following answer:
Excluding the transactions of oil companies the total amount of profits remitted by overseas subsidiaries —including associated companies —of United Kingdom companies is provisionally estimated to be £776 million in 1978. Information on remitted profits of overseas branches is not available. Figures for earlier years are published in the Business Monitor M4 series.