§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer if he will bring up to date the table given in his answer to the hon. Member for Great Grimsby dated 25 March 1982,Official Report, columns 393–94, concerning trading profits and relief from tax. [25619]
§ Sir George YoungThe available information is shown in the table and notes.
393W
£ million Manufacturing companies Financial companies Unincorporated business in manufacturing Gross trading profits Capital allowance claimed Stock relief claimed Gross trading profits Other income Capital allowance claimed Interest payments Gross trading profits Capital allowance allowed Stock relief claimed 1991 23,931 10,010 - -16,511 78,700 5,449 59,914 2,620 221 - 1992 23,078 10,780 - -15,480 70,239 5,329 51,577 n/a n/a - 1993 25,988 n/a - -12,291 57,333 - 38,741 n/a n/a - n/a Not available.
- 1. For companies and financial institutions gross trading profits are as defined for national accounts purposes and are before deducting capital allowances and interest payments.
- 2. Manufacturing companies interest payments deducted from trading profits for tax purposes are not available.
- 3. For unincorporated businesses in manufacturing, gross trading profits are estimated from tax assessments and are before deductions for capital.
- 4. Stock relief was abolished during 1984.
- 5. All estimates are subject to revision as more information becomes available.
§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer, pursuant to his answer of 25 March 1982,Official Report, columns 393–94, concerning trading profits and reliefs for tax, if he will now provide and bring up-to-date the figures for taxable profits in each case. [27126]
§ Sir George YoungThe available information is shown in the table and notes.
Income chargeable to tax £ million Manufacturing companies Financial institutions Unincorporated businesses in manufacturing 1960 1,752 144 89 1961 1,549 181 84 1962 1,454 166 88 1963 1,531 174 94 1964 1,660 229 104 1965 1,815 380 115 1966 1,923 610 126 1967 2,069 881 130 1968 2,532 1,114 152 1969 2,326 1,025 161 1970 2,248 1,000 178 1971 2,203 1,281 202 1972 2,295 1,791 240 1973 1,915 1,624 293 1974 1,556 1,590 311 1975 2,285 1,859 344 1976 2,949 2,421 380 1977 3,456 3,563 470 1978 4,117 3,566 605 1979 3,771 2,852 741 1980 3,973 3,060 796 1981 4,155 3,053 885 1982 4,759 2,923 798 1983 5,373 3,313 1,103 1984 6,969 4,254 1,483 1985 10,240 7,716 1,564 1986 14,561 10,147 1,490 1987 17,278 10,333 1,811 1988 19,177 11,117 2,176 1989 18,870 10,430 2,274 1990 14,999 10,081 2,662 1991 13,426 9,079 2,399 1992 15,320 10,413 -
1. For companies, the estimates relate to income in accounting periods ending in the corresponding financial year. For unincorporated businesses, the estimates broadly refer to income earned in the calendar year.2. For companies, the estimates include income derived from trading and non-trading sources. For unincorporated businesses, the income is from the trading activities only.