HC Deb 14 April 1988 vol 131 c228W
56. Mr. Bill Walker

To ask the Chancellor of the Exchequer if he will give details of the increase in revenue received following reductions in corporation tax since 1979.

Mr. Norman Lamont

The table shows corporation tax receipts in the years from 1978–79 and the rate of tax applicable to income in each year.

£ million1 Full rate per cent. Small companies rate per cent.
1978–79 3,940 52 42
1979–80 4,646 52 40
1980–81 4,645 52 40
1981–82 4,930 52 40
1982–83 5,679 52 38
1983–84 6,184 50 30
1984–85 8,341 45 30
1985–86 10,708 40 30
1986–87 13,495 35 29
21987–88 15,600 35 27
31988–89 19,800 35 25
1 Including advance corporation tax.
2 Estimated.
3 Budget forecast.