HC Deb 25 June 1979 vol 969 c54W
Mr. Denzil Davies

asked 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 Davies

asked 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.