§ Sir William Clark
asked the Chancellor of the Exchequer if he will take steps to ensure that registration fees to a self regulating organisation are an allowable deduction from the income arising out of such registration.
§ Mr. Norman Lamont
I take it that the question refers to self-regulating organisations for investment businesses under the Financial Services Act.
The tax deductibility of initial and periodic registration fees to these organisations will depend on the precise nature and purpose of the payments. It will not be possible to determine their tax treatment until the SROs have been established and their rules have been formulated.