HC Deb 17 April 1956 vol 551 cc837-8
39. Mr. Osborne

asked the Chancellor of the Exchequer why property income paid abroad, as shown on page 10 of Command Paper No. 9729, has increased from £251 millions in 1950 to £382 millions in 1954 and £446 millions in 1955; and what are the chief items in last year's figures.

Mr. H. Brooke

A major factor in the increase is the rise in interest on foreign Government loans from £1 million in 1950 to £41 million in 1955, due almost wholly to payments on the United States and Canadian Lines of Credit and the Lend Lease Settlement Loan. Nearly alt the rest of the increase is due to interest on sterling liabilities, profits earned lit the United Kingdom by foreign controlled companies, and taxes paid to foreign Governments on income accruing to United Kingdom residents.

Mr. Osborne

Is it possible to have these detailed figures given in the OFFICIAL REPORT?

Mr. Brooke

I have answered my hon. Friend's Question, and I will see whether I can give him any further information.

Mr. Jay

Is not the increase in the Treasury bill interest to overseas holders this year one important factor in this rise?

Mr. Brooke

I said that one factor was the increase in the interest on sterling liabilities, and about one-third of the total increase is in taxes paid to foreign Governments on income accruing to United Kingdom residents.