§ The Chancellor of the Exchequer (Mr. James Callaghan)Before I come to the general structure of the tax I must mention one modification of my statement of 8th December. I said then that the tax would be chargeable in the case of persons, including companies, who are resident in the United Kingdom, and that such persons would be liable to tax on all realised gains wherever the assets are situated. On consideration, I have decided that the tax must also apply where a person is ordinarily resident here, even though he may not be resident here in a particular year; I am satisfied that this modification is necessary in order to prevent avoidance of the tax.