§ Mr. Roweasked the Chancellor of the Exchequer if he will make a statement on the future practice of the Inland Revenue with regard to the quantum of remuneration and management fees payable to individuals including shareholders and directors by property and other investment companies.
§ Mr. MooreRemuneration and fees paid by investment companies are deductable for corporation tax purposes if they are expenses of management within section 304 of the Income and Corporation Taxes Act 1970. The Inland Revenue has to consider the quantum of remuneration or fees allowable as expenses of management in accordance with the relevant statutory provisions and case law. If my hon. Friend has a particular case in mind, perhaps he would write to me.