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Corporation Tax

Volume 404: debated on Wednesday 30 April 2003

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To ask the Chancellor of the Exchequer if he will set out the basis for his calculations of increased corporation tax receipts, as summarised in paragraph C46 of Budget 2003. [110228]

The increase in corporation tax receipts shown in Budget 2003 is largely due to the expectation that financial company profits will return to their medium-term trends as recovery in the world economy becomes more firmly established and gathers pace.