§ Mr. Dodsworthasked the Chancellor of the Exchequer whether United Kingdom residents who have in the past bought private property abroad will still be allowed the benefit of the investment currency premium on the sale of that property.
§ Mr. LawsonAs my right hon. Friend announced in his Budget Statement on 12 June, United Kingdom residents may now, with permission, use official exchange up to a limit of £100,000 per calendar year for private property purposes. In consequence, the sale proceeds of existing properties will no longer be eligible for the investment currency premium; and it will no longer be possible to allow emigrants from the United Kingdom who have previously bought a property through the premium to reverse the transaction once they have emigrated. The Bank of England has issued a notice to banks and others which, inter alia, explains how applications now in the pipeline will be handled.