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Corporation Tax

Volume 884: debated on Monday 13 January 1975

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asked the Chancellor of the Exchequer if he will clarify the statement about Clause 16 of the Finance Bill which the Chief Secretary to the Treasury made during its Second Reading as recorded in column 1371 of the Official Report for 17th December.

I referred there to my right hon. Friend's assurance that

"relief will be made available next year for all companies and unincorporated businesses broadly to take account of the rise in prices of stock during this year and next."—[Official Report, 17th December 1974; Vol. 883, c. 1371.]
There may well be some misunderstanding of this. I should, therefore, make it clear that I was referring to the rise in prices during the accounting periods ending in the financial year to 31st March 1974 and the financial year to 31st March 1975.