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Limited Liability Companies

Volume 244: debated on Tuesday 11 November 1930

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59.

asked the Chancellor of the Exchequer what amount and what proportion of the total revenue derived from direct taxation during the current year has been obtained by the taxation of money put to reserve by limited liability companies?

It is estimated that the Income Tax at the current standard rate on the undistributed taxed income of all companies including the investment income of insurance companies, amounts to about £54,000,000 in a full year. I cannot give a figure for the actual receipt this year.