HC Deb 13 June 1988 vol 135 c76

That provision may be made about companies which, while continuing to be resident in the United Kingdom, fall to be regarded for the purposes of any double taxation relief arrangements—

  1. (a) as resident in a territory outside the United Kingdom; and
  2. (b) as not liable in the United Kingdom to tax on gains arising on disposals of assets of descriptions specified in the arrangements.—[Mr. Norman Lamont.]