asked the Chancellor of the Exchequer (1) what is his estimate of the yield of an increase of 1 percentage point in the rate of corporation tax at the present rate of profitability, all other things remaining unchanged;(2) what information he has about the rate of corporation tax in or equivalent company taxes in other industrial countries;(3) whether he will publish in the
Official Report a table showing his forecast of the increase in revenue from corporation tax and advance corporation tax in the current year and in the next financial year; and if he will provide separate figures for (a) North sea oil and gas companies, (h) other industrial and commercial companies and (c) financial companies and institutions.
I shall let the hon. Member have a reply as soon as possible.
asked the Chancellor of the Exchequer whether he will bring up to date for 1986 and 1987–88 the information in his answer dated 25 July 1986, Official Report, column 671, concerning losses and allowances for corporation tax, including figures for advance corporation tax.
Updated estimates of losses and allowances will not be available until later this year. No reliable estimates of surplus ACT are available.