I am grateful for that explanation. I am still not with it, and I stress that that may be my ignorance, but when Ted takes £10,000 out of his company, the company has not paid any corporation tax on it because it is below the threshold. He then has an income of £10,000 from the company—a dividend
income as the shareholder. [Interruption.] Is the hon. Gentleman telling me that he pays no income tax on that?