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Close Companies

Volume 122: debated on Tuesday 10 November 1987

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To ask the Chancellor of the Exchequer if he has any plans to amend the apportionment of profit provisions in schedule 16 to the Finance Act 1972; and if he will make a statement.

[holding answer 9 November 1987]: I have noted my hon. Friend's suggestion.

To ask the Chancellor of the Exchequer how much revenue was generated in each of the last three years by the application of the apportionment of profit provisions in schedule 16 to the Finance Act 1972.

[holding answer 9 November 1987]: The figures in respect of close company income are as follows:

£ million
1984–85111·9
1985–866·7
1986–875·2
1 Includes an estimate for part of the year as records of the tax receipts are available only from September 1984.