REVISED EXPENDITURE AND REVENUE ESTIMATES FOR 1987-88
Sir, whilst it will be some weeks before the Government
accounts for 1987-88 are finally closed, the early indications
that the expenditure out-turn for the year has been much as
expected. Some delays in capital purchases are largely offset
by slightly higher spending in other areas. Overall, the
variation from the revised expenditure estimates tabled on 2
ent March will be considerably less than 1. A fuller exposition is given in an Appendix to the printed version of this speech.
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As several Members have correctly observed, our
revenue has performed even better than I predicted. Significant gains have been experienced in three areas Profits fax, le Company Registration fees and stamp duty. When we prepared our revised estimate for profits fax yields in 1987-88, good reason to believe that tax receipts in the second half of the year would be significantly affected by the aftermath of the
October stock market crash, bearing in mind the gloomy prognostications that were current in the months immediately
after the crash. This has not, however, proved to be the and, as we have seen, corporate results have continued to go
from strength to strength. We have also witnessed a reduction
in tax arrears encouraged, perhaps,
by improved company
liquidity and relatively low interest rates. The result is an improvement in estimated profits Tax receipts for the year from
the revised estimate of $13.1 billion to $15.4 billion.
4/ccxo.
Of less significance, Company Registration Fees have
been boosted by some $350 million due to a substantial one-off
yield from a major company restructuring that took place towards the year end. Stock+market turnover, having
turnover, having fallen after the market crash, recovered sharply towards the year end. result, out-turn on Stamp Duty improved further from my revised
estimate of $50 billion to $5.3 billion.
As a
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