§ Mr. Austin Mitchellasked the Chancellor of the Exchequer whether he will publish in the Official Report a table showing for each year since 1960 (a) the trading profit for tax purposes of (i) corporations and (ii) other
£ million Companies (*) Other Persons(†) (Unincorporated businesses) Gross(‡) trading profits Capital(§) allowances: claimed Stock(║) relief: claimed Interest (¶) payments Gross(**) trading profits Capital(§) allowances: allowed Stock(║) relief allowed 1960 3,736 1,213 — 378 1,629 200 — 1961 3,643 1,352 — 422 1,725 209 — 1962 3,595 1,451 — 469 1,774 219 — 1963 4,103 1,752 — 506 1,907 229 — 1964 4,544 2,040 — 603 1,974 258 — 1965 4,741 2,161 — 764 2,147 258 — 1966 4,592 1,839 — 1,005 2,278 247 — 1967 4,625 1,702 — 1,121 2,419 261 — 1968 5,254 1,839 — 1,335 2,663 278 — 1969 5,668 2,145 — 1,581 2,840 287 — 1970 6,035 2,525 — 1,752 3,137 328 — 1971 6,907 3,668 — 1,877 3,763 405 — 1972 8,072 4,569 — 2,145 4,635 511 — 1973 10,325 5,450 2,500 3,229 5,406 598 — 1974 11,469 6,598 5,500 4,272 5,684 711 58 1975 11,961 8,093 3,100 4,461 6,350 864 65 1976 15,530 9,269 5,350 4,899 7,438 1,000 115 1977 19,061 11,162 4,400 5,180 8,609 1,121 217 1978 21,594 13,090 3,900 5,364 10,315 1,389 265 1979 26,776 14,302 9,250 8,222 11,670 1,565 340 1980 24,979 16,356 5,200 11,965 12,900 1,740 240 Notes:
(*) Industrial and commercial; and financial.
(†) Figures of loan etc. interest paid in respect of the trade or profession are not available centrally.
(‡) As defined for the national accounts and published in the National Income Blue Book; before deducting depreciation and interest, net of trading
298W
§ Mr. RidleyFor accounting periods ending in the financial year 1980–81, corresponding approximately to activity in the calendar year 1980, the information is as in the following table.
persons, (b) capital allowances, (c) the stock relief and (d) the interest payments, in all cases excluding losses carried over from previous years.
§ Mr. RidleyThe available information is shown in the following table and notes. The historical information In respect of trading profits for the companies sector is as shown in the national accounts, in which the definition differs in some respects from that used for tax purposes.
299Wlosses. These figures differ from income from trading as recorded for tax purposes mainly because of the different treatment of financial companies; interest received by financial companies is not included in the national accounts definition of trading profits. Income from non-trading activities, which is also assessed to tax is excluded.
(§) Net of balancing charges: capital allowances "biting" against profits in the same year are lower for the companies sector.
(║) Net of stock relief withdrawn: stock relief "biting" against profits in the same year is lower for the companies sector.
(¶) Consolidated for the company sector, i.e. excluding payments between companies. Interest payments by financial companies (other than to other companies) are included.
(**) As assessed to income tax under Schedule D Cases I and II. Income from non-trading acitivities, which is also assessd to tax, is excluded. For years prior to 1973 the figures include small estimated amounts of profits not assessed because the taxpayers' total income were too small.