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Corporation Tax

Volume 131: debated on Thursday 14 April 1988

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56.

To ask the Chancellor of the Exchequer if he will give details of the increase in revenue received following reductions in corporation tax since 1979.

The table shows corporation tax receipts in the years from 1978–79 and the rate of tax applicable to income in each year.

£ million1Full rate per cent.Small companies rate per cent.
1978–793,9405242
1979–804,6465240
1980–814,6455240
1981–824,9305240
1982–835,6795238
1983–846,1845030
1984–858,3414530
1985–8610,7084030
1986–8713,4953529
21987–8815,6003527
31988–8919,8003525
1 Including advance corporation tax.
2 Estimated.
3 Budget forecast.