asked the Minister for Finance what would have been the cost to the revenue of increasing the tax free margin for corporation profits tax from £2,500 to £3,000, £4,000 and £5,000 respectively in the years 1960/61 and 1961/62 on the basis that it is (a) the first year in which such alteration was made, (b) the second year and (c) a year in which the full effect of the alteration was felt.
Written Answers. - Corporation Profits Tax.
88.
The information requested by the Deputy is as follows:
|
Estimated cost of raising the non-liable margin for Corporation Profits Tax from £2,500 to |
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|
£3,000 |
£4,000 |
£5,000 |
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|
1960-61 |
1961-62 |
1960-61 |
1961-62 |
1960-61 |
1961-62 |
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
|
First year |
8,000 |
9,000 |
23,000 |
24,000 |
36,000 |
38,000 |
|
Full year |
75,000 |
80,000 |
210,000 |
220,000 |
325,000 |
340,000 |
NOTE:—As regards (b) of the question, it should be noted that there is no significant difference between second year cost and a full year's cost.
89.
asked the Minister for Finance what would have been the loss to the revenue in reducing corporation profits tax on undistributed profits to 5 per cent in the years 1960/61 and 1961/62 respectively on the basis that it is (a) the first year in which such alteration was made, (b) the second year and (c) a year in which the full effect of the alteration was felt.
Statistics are not available which would enable the information requested by the Deputy to be given.