§ Mr. Austin Mitchellasked the Chancellor of the Exchequer whether he will publish in the Official Report his letter replying to the written question of 31 July 1981, Official Report, c.691 from the hon. Member for Grimsby on corporate savings; if he will give in addition, separate figures for (a) depreciation, (b) stock appreciation and (c) the amount of corporation tax; and if he is now able to include corresponding figures for manufacturing industry.
§ Mr. RidleyThe estimates for corporate savings have been revised since I wrote to the hon. Member on 10 November 1981. The current estimates are as follows:
Saving (Undistributed Income) after Deducing Depreciation* and Stock Appreciation £ million Industrial and commercial companies Financial companies and institutions 1960 1, 680 137 1961 1,253 161 1962 989 155 1963 1,458 159 1964 1,708 158 1965 1,557 215 1966 1,140 246 1967 998 272 1968 1,145 288 1969 1,359 306 1970 1,067 370 1971 1,623 467 1972 2,456 557 1973 3,197 1,170 1974 1,059 1,002 1975 1,213 819 1976 3,197 1,593 1977 4,742 1,979 1978 5,675 2,002 1979 3,229 2,421 1980 1,667 2,736 *depreciation=capital consumption at current replacement cost. Estimates of depreciation and corporation tax paid for the two sectors are as follows: 448W
Industrial and Commercial Companies Depreciation* £ million Stock appreciation £ million Corporation tax paid† £ million 1960 800 77 564 1961 873 121 630 1962 936 110 805 1963 985 111 678 1964 1,056 181 628 1965 1,148 224 542 1966 1,247 239 625 1967 1,293 85 941 1968 1,366 475 966 1969 1,506 576 1,026 1970 1,707 863 1,330 1971 1,966 842 1,143 1972 2,230 1,075 1,036 1973 2,586 2,290 1,303 1974 3,216 4,714 2,075 1975 4,184 4,283 1,642 1976 5,227 5,266 1,395 1977 6,424 3,833 2,276 1978 7,766 3,374 2,945 1979 9,174 6,997 3,879 1980 11,190 5,049 5,537 *Capital consumption at current replacement cost. † Corporation tax first became payable in 1967.Before that companies paid income tax and profits tax.
Financial Companies and Institutions* Depreciation† £ million Corporation tax paid‡ £ million 1960 11 169 1961 13 206 1962 15 196 1963 17 203 1964 19 187 1965 23 217 1966 27 210 1967 31 238 1968 37 290 1969 47 271 1970 61 298 1971 80 356 1972 103 427 1973 141 470 1974 197 669 1975 268 644 1976 341 812 1977 426 819 1978 538 963 1979 697 980 1980 947 914 *Financial companies stock appreciation is negligible. † Capital consumption at current replacement cost. ‡ Corporation tax first became payable in 1967. Before that companies paid income tax and profits tax. Data are not collected to allow estimates of the corporate saving of manufacturing industries to be made.