§ Mr. Ralph Howellasked the Chancellor of the Exchequer what would have been the loss of revenue if tax were not payable on any part of interest on Government securities or building society deposits which was at a rate less than the annual rate of inflation in 1978–79, 1979–80 and 1980–81; and if he will also show (a) how much less tax would have been paid by individuals in total and (b) how much less by building societies.
§ Mr. Peter ReesFor interest on building society shares and deposits, about £900 million, £1,200 million and £1,400 million for 1978–79, 1979–80 and 1980–81 respectively. About 80 per cent. of the amount for 1978–79 was paid by the building societies on behalf of their investors and about 85 per cent. of the amounts for the other two years. The rest was paid by the investors themselves.
To provide the information requested for Government stocks would involve calculations for each stock in the periods concerned and this could be done only at disproportionate cost.