§ 53. Mr. Turton
asked the Chancellor of the Exchequer whether he is aware that his assurance that cash earmarked by 425W close companies for expansion would not be taxed under the provisions of Section 77, Finance Act 1965, is being disregarded by the Inland Revenue, and whether he will now issue instructions that the terms of his assurance must be fulfilled.
§ Mr. Harold Lever
Section 77 specifically provides for a company's development requirements to be taken into account in calculating shortfall. I have received no information to suggest that this provision of the law is being disregarded by the Inland Revenue.