HC Deb 30 March 1961 vol 637 c1502
13. Mr. Stevens

asked the Chancellor of the Exchequer what would be the cost to the Exchequer in a full year of extending the Overseas Trading Corporation provisions to overseas subsidiary companies.

Sir E. Boyle

The cost cannot be estimated precisely but would probably be several million pounds in a full year.

Mr. Stevens

Would my hon. Friend agree that in any case the cost of extending these provisions to overseas subsidiaries would be likely to be less than the original cost covering overseas branches only? In any event, would he not agree that the cost in tax concessions has been of great benefit to British industry and financial institutions?

Sir E. Boyle

I have no doubt that we shall have an opportunity of discussing all these matters at the appropriate time fairly soon. In the meantime, I am sure that my hon. Friend would not expect me to anticipate my right hon. and learned Friend's Budget statement and the Finance Bill.