§ Mr. Craigenasked the Chancellor of the Exchequer what is the yield in a full year to the Inland Revenue from the building societies' composite rate of interest.
§ Mr. Ian StewartThe estimated tax paid at the composite rate of income tax was £1.8 billion for the latest complete financial year, 1982–83.
§ Mr. Craigenasked the Chancellor of the Exchequer if he will publish in the Official Report, or place in the Library, the letter he has sent recently to the banks proposing the imposition of the composite rate of interest for interest-bearing personal accounts.
§ Mr. Ian StewartIn the course of his duties as Chancellor, my right hon. Friend has confidential exchanges with many bodies and it is not his practice to make them public.
§ Mr. Craigenasked the Chancellor of the Exchequer (1) if he will estimate the likely loss of business by the banks consequent upon the imposition of the composite rate of interest;
(2) if he will estimate the yield in a full year to the Inland Revenue of the imposition of the composite rate of interest on the banks.
§ Mr. Ian StewartI cannot estimate the yield, CT the likely effects on bank business, of a proposal the details of which are not specified.