§ 23. Mr. Dickensasked the Chancellor of the Exchequer if he will state the estimated loss to the public revenue resulting from tax avoidance in 1965–66.
§ Mr. MacDermotI am unable to give an estimate.
§ Mr. DickensIs my right hon. Friend aware that this reply is most disappointing? Is he further aware that tax avoidance is a major industry and that many firms in the City of London, notably firms of solicitors, by devising ingenious schemes of avoidance make a fat living? Is he aware that nothing would encourage the young managerial classes of this country more than a wholesale Government attack upon tax avoidance?
§ Mr. MacDermotI can assure my hon. Friend that we are well aware of the 1205 importance of countering tax avoidance, and we have taken a number of steps in order to do so. It would not help to try to keep the sort of account that is envisaged by this Question, even if it were practical to do so.