§ Mr. Stuart Hollandasked the Chancellor of the Exchequer what was the level of effective corporation tax, namely, the tax actually paid by corporations, as (a) a proportion of the nominal tax and (b) as a proportion of gross domestic product in 1948, 1958, 1968 and 1978.
§ Mr. Peter Rees[pursuant to his reply, 28 July 1980, c. 477]: On (a)—I refer to my previous answer on Thursday 31 July—Vol. 989, c. 813–14]—on the top manufacturing companies.
On (b)—
% (%) 1948 5.7 (12.7) 1958 5.1 (11.5) 1968 3.4 (9.0) 1978 2.7 (4.2) The figures in brackets show net trading profits of companies after provision for capital consumption at replacement cost and stock appreciation as a proportion of GDP at factor cost, as shown in the national accounts.