HC Deb 28 January 1988 vol 126 c365W
Mr. Gordon Brown

To ask the Chancellor of the Exchequer whether the BP underwriting agreements with overseas institutions allows the BP shares taken up by such entities to be held by United Kingdom affiliates or branches such that any losses on these shares would be deductible in computing United Kingdom corporation tax or capital gains tax.

Mr. Norman Lamont

Overseas underwriters acquiring shares in BP in their own name were not constrained by the underwriting agreement in the holding of those shares.