Corporation Tax

HC Deb 17 May 1988 vol 133 cc419-20W

Mr. Barry Field

To ask the Chancellor of the Exchequer by how much the standard rate of corporation tax has been reduced since 1979.

Range of earnings1 where income tax2 and national insurance contribution3 form a smaller proportion of gross earnings in 1988–89 than in 1978–79 under the assumptions in the footnotes below
	Range of earnings1
Family type	Up to	Other ranges	Over
Single
£ per week	40		47–69	94–104	128
Percentage of average earnings5	to		19–28	39–42	53
Married couple both working4—no children
£ per week	68	77–10	120–174		318
Percentage of average earnings5	16	19–25	30–42		79

Mr. Norman Lamont

The main rate of corporation tax was 52 per cent. for the financial year commencing 1 April 1979. The proposed rate for 1988–89 is 35 per cent.