Mr. Austin Mitchell
asked the Chancellor of the Exchequer what is his estimate of the amount of revenue forgone in 1984–85, both before and after corporation and income taxes, in consequence of the rating exemptions and reliefs on agricultural land.
[pursuant to his reply, 24 April 1985, c. 481]: The available information relates to the total of agricultural land and buildings. For an estimate of the yield of rates on agricultural land and buildings, I refer the hon. Member to the answer given by my right hon. Friend the Secretary of State for the Environment on 22 March at column 637. I regret that I have no precise information on the extent to which the derating of agricultural land and buildings, by reducing business expenses, raises the taxable profits of farming enterprises and the yield from corporation and income taxes. However, in the case of most farmers the marginal rate of income tax is the basic rate of 30 per cent.