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Water Undertakings (Tax)

Volume 722: debated on Tuesday 14 December 1965

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asked the Chancellor of the Exchequer the estimated additional revenue likely to come from water undertakings in the United Kingdom as a result of the Finance Acts, 1965.

Assuming that the water companies maintain the level of their dividends, the best estimate I can make of the extra tax they will have to pay in 1966–67 is around £1 million.

Is the Chancellor aware that by his actions in the Budget he has substantially increased the cost to these undertakings, and that one in my constituency finds itself having to spend in excess of 17 per cent. of its rate revenue on this taxation alone?

My right hon. Friend the Chancellor is aware of no such thing. What he is aware of is that he has acted as the Public Accounts Committee of this House asked him to act to remove an anomaly in cases such as this.