HC Deb 23 July 1986 vol 102 cc314-5W
Mr. Austin Mitchell

asked the Chancellor of the Exchequer what is his latest estimate of the yield of income tax, corporation tax and value added tax in the current financial year; and what is the estimated amount of value-added tax which will be payable to the Europea n Economic Community, including the amounts agreed under supplementary European Economic Community budgets.

Mr. Brooke

The information on estimated tax yields for 1986–87 is as follows. A revised estimate of our net payments to Community institutions for this financial year will be contained in the Autumn Statement, and an estimate of our net contribution to the Community budget in this calendar year will be contained in the White Paper on the 1986 budget, to be published in August or September. The amount of VAT contribution to the 1986 Community budget will be 2,240 mecu (£1,390 million at a budget exchange rate of £1 = 1.6096 ecu). This is net of an abatement of 1,900 mecu (£1,180 million). The Community budget for 1987 has not yet been established.

Estimated yield 1986–87 £ million
Income Tax 38,500
Corporation Tax 11,700
Value Added Tax 20,700

Source: Table 6.B.3 of Financial Statement and Budget Report 1986–87.