HC Deb 07 February 1996 vol 271 cc188-9W
Mr. Andrew Smith

To ask the Chancellor of the Exchequer what were the receipts for advance corporation tax for each of the last 36 months; and what estimate he has made of the total ACT receipts for 1994–95 and 1995–96. [13749]

Mr. Jack

[holding answer 5 February 1996]: Receipts of ACT in 1994–95 were £8.1 billion, and for 1995–96 were forecast at the time of the 1995 Budget to be £9.9 billion. Receipts for each of the last 36 months are as follows:

£ million 1993 1994 1995
January 2,913 2,446 2,772
February 90 47 94
March 87 84 100
April 1,482 1,497 1,707
May 146 100 77
June 48 62 62
July 1,906 1,467 1,750
August 55 91 59
September 87 85 122
October 1,481 1,635 1,815
November 24 54 104
December 10 129 1107

Note:

The rate of advance corporation tax was reduced from 25 per cent. to 22½ per cent. for 1993–94 and to 20 per cent. from 1994–95.

1 Provisional.

Source:

"Financial Statistics" table 2.1C.

Mr. Smith

To ask the Chancellor of the Exchequer if he will update his answer to the hon. Member for Darlington (Mr. Milburn) of 25 June 1993,Official Report, column 327, on corporation tax. [13761]

Mr. Jack

[holding answer 5 February 1996]: Latest available figures for turnover, profit before tax, and corporation tax liability of the 25 largest profitable United Kingdom companies and company groups chosen on the basis of turnover in their 1994 accounts are as follows:

Turnover1 £ billion Profit before tax1 £ billion Corporation tax liability2 £ billion
At current prices
1989 235 24 3.1
1990 257 26 3.1
1991 258 20 2.8
1992 259 18 2.8
1993 283 20 2.7
1994 295 24 3
At constant 1987 prices
1989 208 21 2.8
1990 208 21 2.5
1991 197 15 2.1
1992 190 14 2.1
1993 205 14 2.0
1994 208 17 3
1 World-wide activity reported in published accounts.
2 After relief for foreign tax.
3 Not yet available.

Mr. Smith

To ask the Chancellor of the Exchequer if he will update his answer to the hon. Member for Hartlepool (Mr. Mandelson) of 28 June 1993,Official Report, column 327, on corporation tax repayments. [13762]

Mr. Jack

[holding answer 5 February 1996]: The information is as follows:

Corporation tax repayments
Year Amount £ million
1992–93 3,248
1993–94 3,071
1994–95 2,696
1995–961 2,860
1 Provisional estimate.