asked the Minister for Finance if he will give particulars of corporation profits tax for 1963-64 in the form of the reply to Question No. 59 of 4th April, 1963.
Written Answers. - Corporation Profits Tax.
118.
Under the Finance Act, 1963, the non-liable margin of £2,500 for Corporation Profits Tax was abolished. In respect of profits arising on or after the 1st January, 1964, Corporation Profits Tax is chargeable at the rate of 5 per cent on so much of the profits as does not exceed £2,500 and at 15 per cent on profits in excess of that figure. The following table shows the estimated cost of restoring the non-liable margin of £2,500 and of introducing non-liable margins of £3,000, £4,000 and £5,000. It is assumed that profits in excess of the non-liable margins specified would continue to be charged at the rate of 15 per cent.
|
Estimated cost of introducing non-liable margins for Corporation Profits Tax of |
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|
£2,500 |
£3,000 |
£4,000 |
£5,000 |
|
|
£ |
£ |
£ |
£ |
|
|
First Year |
50,000 |
62,000 |
86,000 |
105,000 |
|
Full year |
450,000 |
560,000 |
780,000 |
950,000 |