§ Mr. Murphyasked the Chancellor of the Exchequer what representations he has received on the tax treatment of pension funds participating in the London international financial futures exchange; and whether he will make a statement.
§ Mr. BrittanRepresentations have been received from the National Association of Pension Funds and other interested parties. Having considered these carefully, I accept the case for a change in the present law to bring the tax treatment of transactions by pension funds in financial futures into line with that of other pension fund investments. Legislation will be proposed, in the form of a new clause at Standing Committee stage of the current Finance Bill. If approved, the change will apply with effect from Royal Assent.