§ Mr. Timothy Smith
asked the Chancellor of the Exchequer how many draft schemes under the provisions of the Finance Act 1982 which facilitate the purchase by a company of its own shares have been submitted to the Inland Revenue for clearance; how many have been approved; and how many have not been approved.
§ Mr. Ridley
At mid-February 1983, 456 formal applications for clearance under section 53 of the Finance Act 1982 had been received by the Inland Revenue. Clearance has so far been given to 342–75 per cent.—and another 53 are still being considered. 61 applications did not meet the qualifying conditions and could not be cleared.