HC Deb 12 December 1983 vol 50 c340W
Mr. Dykes

asked the Chancellor of the Exchequer if he will take steps to exempt offshore commodity funds from the proposals announced by the Financial Secretary to the Treasury on 17 November, Official Report, c. 507, empowering the Inland Revenue to act against tax avoidance on offshore roll-up funds, in view of the different structure and terms of such commodity funds.

Mr. Moore

It would be wrong to single out commodity funds for especially favourable treatment. Like other types of fund they will be able to qualify as "distributors" where the relevant conditions are satisfied; and if they do so, their investors will not be liable under the new rules.