HC Deb 09 December 1982 vol 33 cc616-7W
39. Mr. Beaumont-Dark

asked the Chancellor of the Exchequer how many applications for clearance there have been under section 53 of the Finance Act 1982 from companies wishing to purchase their own shares; and how many of these have obtained clearance.

Mr. Ridley

At the end of November 1982, 300 formal applications for clearance had been received by the Inland Revenue. Clearance has so far been given to 210—70 per cent.—and another 56 were still being considered. Only 34 were not cleared.

These figures will, I hope, reassure those who had earlier feared that the qualifying tests in section 53 might be unduly restrictive in practice.