Clause 32 - Corporation tax starting rate and fraction for financial year 2002

Part of Finance Bill – in a Public Bill Committee at 3:45 pm on 16th May 2002.

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Photo of Rob Marris Rob Marris Labour, Wolverhampton South West 3:45 pm, 16th May 2002

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?