§ Mr. Wainwrightasked the Chancellor of the Exchequer by what approximate amount the yield of corporation tax 1986–87 would be increased had there been no agreed losses, excluding the public sector, available for offsetting profits.
§ Mr. Norman LamontUse of accumulated past losses is estimated to reduce corporation tax receipts in 1986–87 by £1 billion to £2 billion.
§ Mr. Wainwrightasked the Chancellor of the Exchequer, pursuant to his reply of 12 February, why he is unable to quantify the total of losses, excluding the public sector, agreed for corporation tax purposes by the Inland Revenue.
§ Mr. Norman LamontWhere a company has an amount of loss to carry forward against profits in subsequent accounting periods, agreed or estimated figures are available within the tax district, but they are not formally recorded on a tax assessment form and full details of such losses are not available centrally. The estimates in my reply of 12 February were therefore based on a projection from a small sample of tax district records.