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Type
House
Session
Year
Department
Member
Primary member
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Mitchell, Austin (1)
Answering member
Legislative stage
Legislation
Subject
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Corporation tax (1)
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To ask Mr Chancellor of the Exchequer, what has been the impact on the public finances of (a) the introduction of self-assessment and the six month advance in payments by the self-employed and (b) the moving forward of corporation tax. - Includes ref to Financial Statement and Budget Report March...
To ask Mr Chancellor of the Exchequer, what has been the impact on the public finances of (a) the introduction of self-assessment and the six month advance in payments by the self-employed and (b) the moving forward of corporation tax. - Includes ref to Financial Statement and Budget Report March...
Asked by
Austin Mitchell
(Labour)
Answered by
Baroness Primarolo
(Labour)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
21 April 1998
For answer on
6 May 1998
Answered on
6 May 1998
Mr. Mitchell: To ask the Chancellor of the Exchequer what has been the impact on the public finances of (a) the introduction of
self-assessment and the six month advance in payments by the self-employed and (b) the moving forward of corporation tax. [39561]
Dawn Primarolo: Self-assessment has not led to an advance in payment dates for the self-employed. The payment dates for the tax due
for any year were previously the 1 January of that year and the 1 July immediately following. The position is much the same under
self-assessment, with payments on account due on the 31 January and 31 July. The balance of the tax due for the year is then payable
on the following 31 January. The overall effect on tax yield of self-assessment compared to the old system is very much a matter of
speculation because of changes in taxpayer behaviour. However, it seems likely that the main behavioural effect of self-assessment
has been to encourage taxpayers to bring their tax affairs up to date, and has led to some previously undeclared income being
declared to the Inland Revenue.
The changes to payment arrangements for corporation tax will first take effect in 1999. The estimated revenue effects of the
abolition of ACT and the introduction of quarterly payments of corporation tax are set out in Table C.1. and paragraph C.87 of The
Financial Statement and Budget Report March 1998.
Subjects
Corporation tax; Self-assessment; Tax yields; Self-employed
Date
6 May 1998
Reference
311 c381W; 39561
House
House of Commons