Skip to main content

Tax Debts

Volume 173: debated on Wednesday 6 June 1990

The text on this page has been created from Hansard archive content, it may contain typographical errors.

To ask the Chancellor of the Exchequer what are the tax debts at the latest date for which figures are available for (a) overall income tax, (b) PAYE and (c) corporation tax.

The amounts of tax outstanding at the annual balance date to the end of October 1988 (the latest published figures), together with provisional figures for the year to October 1989, are as follows:

£ billion
Assessed taxesOctober 1988October 1989 (provisional figures)
Income tax2·32·3
Corporation tax1·51·6
CGT0·10·2
PAYE
Closed years0·80·8
Current year0·60·7
Total5·35·6
The outstanding balances at October are equivalent to 7·75 per cent. and 7·25 per cent. respectively of the total tax due for 1988–89 and 1989–90. They include over £1 billion which had only recently become due, and the bulk (about four-fifths) attracts interest. The amounts actually remitted or written off—mostly due to insolvency—in these years were less than 1 per cent. of the tax due.