Orders of the Day — Budget Resolutions and Economic Situation

Part of the debate – in the House of Commons at 7:10 pm on 7th July 1997.

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Photo of Mr Ian Bruce Mr Ian Bruce Conservative, South Dorset 7:10 pm, 7th July 1997

I know that my right hon. Friend is an expert in corporation tax matters. When I, as an ordinary investor, receive my dividend from a company, I also receive a tax credit, which I am able to spend the next day; I am credited with the tax that has been paid by the company. Surely, pension schemes were being credited with that money, then when a pensioner received the benefit later, he would pay income tax on what he received from the pension company. The Government have introduced double taxation: the pensioner will be taxed and the company will be taxed.