Mitigation of Corporation Tax Liability of Small Companies

Part of Orders of the Day — Finance Bill – in the House of Commons at 12:00 am on 16 July 1974.

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It seems incredible to me, and, I am sure, to my lion. Friends, that while many companies—I do not know how many extra companies would be involved in this, certainly tens of thousands—are trapped by higher corporation tax, by the consequences of the investment income surcharge, high interest rates and a rapidly deteriorating situation, the Chief Secretary can sit there and say that action cannot be taken because he does not like the imputation system. That is a feeble reaction in the face of a difficult situation which my right hon. and hon. Friends have described. I advise my right hon. and hon. Friends to press this matter in the Lobby.