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Building Societies (Profits Tax)

Volume 641: debated on Monday 5 June 1961

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asked the Chancellor of the Exchequer what was the total product of Profits Tax from building societies during the fiscal year 1960–61; and what is the estimated revenue for 1961–62 assuming the increased rate of 15 per cent.

The yield of Profits Tax from the building societies in the fiscal year 1960–61 is estimated at about £2 million. The estimated yield in the current year, 1961–62, is about £3 million. The proposed increase in the rate of tax from 12½ per cent. to 15 per cent. will have no appreciable effect on the yield this year.