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Tax Concessions

Volume 895: debated on Thursday 17 July 1975

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asked the Chancellor of the Exchequer if he will list the value of all allowances made to companies each fiscal year since 1970 to the latest convenient date, and including any forecast for the current year, such allowances to include stock appreciation provisions. first year allowances, regional allowances and grants.

The estimated value in terms of tax of stock relief and capital allowances due to companies for the last five years is as follows:

£ million
Capital Allowances
AP's ending in financial yearStock ReliefAllFirst-year
1970–7195075
1971–721,275625
1972–731,7501,025
1973–741,0702,7001,750
1974–752,5503,1502,225
The estimates are of the tax equivalent of the reliefs due for any year, regardless of whether companies had sufficient profits in that year to take advantage of them. Generally, reliefs affect tax payable in the following or a subsequent year.Questions relating to assistance to industry including investment grants and regional assistance are a matter for my right hon. Friend the Secretary of State for Industry.