asked the Chancellor of the Exchequer what is the estimated total cost in the current financial year of the stock relief provisions; and what would have been the cost if the stock relief provisions had been replaced with the proposals contained in the latest exposure draft 24.
[pursuant to his reply, 18 February 1980, c. 54]: The net reduction in tax payments in 1979–80 due to stock relief is estimated to be approximately:
Corporation Tax (excluding public corporations) £ million 1,200
Tax on self-employment income £ million 95
It is not possible to isolate the effect of one proposal in exposure draft 24 from the generality of proposals in that document. We are, however, looking at the costs and distributional effects of possible changes in the tax system, including the proposals in ED24 as part of the review of business taxation to which I referred in my Budget speech and we shall be consulting the accountancy profession and business in due course.