§ Mr. Caborn
asked the Chancellor of the Exchequer if he will provide an estimate of the total sum offset for each year from 1980 to 1985 under the double taxation agreement with South Africa.
§ Mr. Norman Lamont
To date, the tax credit relief given for South African tax against United Kingdom tax under the terms of the United Kingdom/South Africa double taxation convention is:
Accounting periods ending in Financial Year £ million 1979–80 59 1980–81 25 1981–82 45 1982–83 7 1983–84 5
Figures for 1984–85 are not yet available.
In view of the period of time that may elapse between the end of a company's financial year and final agreement of its tax liability, these amounts are not yet final and will eventually be significantly higher.