§ Mr. Patrick Jenkin
asked the Chancellor of the Exchequer on what basis he calculated the increase of £459 million between the yield of corporation tax in 1968–69 and the estimated yield in 1969–70; and if he will quantify each of the elements of which this increase is composed.
§ Mr. Harold Lever
I would refer the hon. Member to the answer given to the hon. Member for Worthing (Mr. Higgins) on 12th May. Table 19 of the Financial Statement shows that £75 million of the estimated increase is due to the proposed increase of 2½ per cent. in the rate; most of the remainder is due to increased profits and realised capital gains.—[Vol. 783, c. 174.]