asked the Minister in respect of 1988, the total amount estimated to have been yielded by deposit income retention tax in respect of (a) banks (b) building societies and (c) other institutions; the expected yield for 1989 in respect of each of these categories; and the total expected yield.
Written Answers. - DIRT Yields.
40.
Details of the gross receipts from deposit interest retention tax for the years in question are as follows:
|
1988 Yield |
1989 Estimate |
|
|
£m |
£m |
|
|
(a) Licensed Banks |
112.0 |
89.0 |
|
(b) Building Societies |
76.3 |
64.5 |
|
(c) Other Institutions |
29.4 |
22.5 |
|
Overall Total |
217.7 |
176.0 |
The decline in the 1989 estimated yield compared with 1988 reflects falls in interest rates and the reduction of the standard tax rate to 32 per cent.