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Corporation Tax

Volume 893: debated on Monday 16 June 1975

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asked the Chancellor of the Exchequer what is the anticipated additional amount which has been or is likely to be received in respect of the increase in corporation tax from 40 per cent. to 42 per cent. for the financial years 1973 to 1974 and for 1974 to 1975, respectively.

If the hon. Member has in mind the cost to the Revenue if the small companies rate of corporation tax had been 40 per cent. instead of the 42 per cent. applicable to profits arising in 1973–74 and proposed for those arising in 1974–75, this is estimated at about £15 million in a full year for each year.