§ Mr. Quentin DaviesTo ask the Chancellor of the Exchequer what would be the effect on Treasury revenues of extending to unincorporated business the loss carry-back provisions for incorporated businesses proposed by the Government in new clause 46 of the Finance Bill.
§ Mr. MaudeThe loss relief provisions contained in new clause 46 of the Finance Bill apply to losses for accounting periods ending on or after 1 April 1991. The effect of extending the provisions to unincorporated businesses would depend on the amount of any losses made in those and later accounting periods, but it might reduce tax receipts by £50 million in 1991–92, £35 million in 1992–93 and £15 million annually thereafter.