asked the Chancellor of the Exchequer what is his estimate of the loss of revenue from a reduction of 1p in the standard rate of income tax in
|Pre-tax profits £ million1 (Years to end March)|
|British Aerospace 19812||66||50||53||71||-15||82||120||151||182|
|Cable and Wireless 1981||55||59||61||64||89||157||190||245||295|
|Amersham International 1982||—||6||4||5||9||12||14||17||18|
|National Freight Consortium 19823||—||7||4||4||10||12||17||29||37|
|Associated British Ports 19832||—||—||12||-10||6||15||-7||17||26|
|Enterprise Oil 19842||—||—||—||—||—||683||139||111||3|
|British Telecom 1984||—||—||—||570||936||1,031||990||1,480||1,810|
|British Gas 1986||—||—||—||—||—||803||909||712||782|
|British Airways 1987||—||—||—||—||—||—||185||191||195|
|1 All figures are taken from the relevant prospectuses and annual reports. They are given on a historic cost basis except those for Britoil (1982–85), Associated British Ports and British Gas, which are on a current cost basis.|
|2 Years to end December.|
|3 Report beginning October except for 1979 which is to end December.|
|4 Britoil began trading separately from BNOC in 1982. Separate figures for earlier years not available.|
|5 Figures for 1982–85 on current cost basis. 1986 figure is on historic cost basis: current cost figure not yet available.|
|6 For 8 months to 31 December 1983. Enterprise Oil began trading separately from British Gas in 1983, separate figures for earlier years not available.|
Note: All figures to nearest number.
asked the Chancellor of the Exchequer if he will list all the state enterprises that have been moved into the private sector since 1979, together
1987–88 before counting allowances and reliefs other than the personal allowances; and if he will publish in the Official Report a table showing (i) the loss on earned and unearned income, respectively, (ii) the estimated saving in each allowance and relief, (iii) the net loss to the Exchequer and (iv) the distribution of the benefit by range of income and tax category.
If the basic rate of income tax were changed on income before deduction of tax reliefs, the direct revenue cost of reducing the rate by 1p would be about £1·5 billion in a full year at 1987–88 income levels. This estimate assumes that reliefs (such as capital allowances) which are taken into account in arriving at taxable profits for schedule D would continue to be deductible. The table shows the cost by ranges of gross income of taxpayers. Further information could be provided only at disproportionate cost.
|Tax Unit's1 Gross Income||Direct Revenue Cost|
|£ per annum||£ million|
|1 Treating a married couple as a unit and combining the separate incomes.|
asked the Chancellor of the Exchequer if he will list, for each state enterprise, the profits or losses for the three years before they were moved into the private sector and the profits or losses since privatisation.
The information requested is given in the table below for 11 major privatised companies.with the receipts obtained and the percentage shareholding that is still retained in any of those enterprises by the public sector.
Information on privatisation proceeds for 1981–82 to 1985–86 is set out in table 2·2 of the 1987 public expenditure White Paper, Cm 56-II. Figures for 1979–80 and 1980–81 are given in table 2·14 of the 1985 public expenditure White Paper, Cm 9428-II. In 1986–87, British Gas and British Airways were privatised. Total net receipts are £7,535 million from British Gas and £828 million from British Airways; both figures include instalment payments not yet made.The Government retain holdings of ordinary shares in British Telecom (49·8 per cent.) and BP (31·7 per cent.)