§ 58. Mr. Jenkinsasked the Chancellor of the Exchequer why, in view of the loss to the revenue which will be involved, he has given permission to the five mining companies in the Anglo-American Corporation group to transfer their seat of control from London to Northern Rhodesia.
§ Mr. GaitskellBecause a sufficiently good case was made out on grounds of efficiency.
§ 59. Lieut.-Colonel Liptonasked the Chancellor of the Exchequer how many companies have during the past year been granted permission to move their 949 headquarters from this country; what is the capital value of these companies; and what is the estimated loss of tax revenue on the basis of their last declared profits.
§ Mr. GaitskellEighteen companies. The actual capital value is not readily ascertainable, but the total issued capital is about £29 million. As regards the last part of the Question, no precise estimate can be made.
§ Lieut.-Colonel LiptonCan my right hon. Friend give any figures to show how many applications were either granted or rejected on the grounds of efficiency, the interests of the companies concerned, or the wide national interests involved; and how is he to make up the loss of revenue caused by this flight of capital?
§ Mr. GaitskellI should like to see the first part of my hon. and gallant Friend's supplementary question on the Order Paper.
§ Mr. DonnerIs the Chancellor aware that these companies have been driven to do what they have done by overtaxation?