§ Mr. Austin Mitchellasked the Chancellor of the Exchequer to what extent the figure of £9,250 million in table 4B of paragraph 4(10) of the Green Paper on Corporation Tax (Cmnd 8456) would have been reduced if the present system of stock relief had been in operation.
§ Mr. RidleyUnder the present system of stock relief, stock relief available to be claimed by companies in 1979 would have been approximately £2,250 million lower. For the reasons explained in the Green Paper on corporation tax, these figures do not indicate the effect of stock relief on the yield of corporation tax.
§ Mr. Austin Mitchellasked the Chancellor of the Exchequer whether the adoption of the proposal in paragraph 6(3)(1) of the Green Paper on Corporation Tax (Cmnd 8456) for the abolition of imputation and the retention of the 52 per cent. rate of tax would lead to a substantial reduction in staff in the Inland Revenue.
§ Mr. RidleyI refer the hon. Member to paragraph 7.10 of the Green Paper.
§ Mr. Austin Mitchellasked the Chancellor of the Exchequer what proportion of interest paid by companies is effectively set off against corporation tax in the tax year in which the interest is paid.
§ Mr. RidleyI regret that the information requested is not available centrally.