§ Mr. Campbell-SavoursTo ask the Chancellor of the Exchequer if he will make a statement on the mechanisms by which the Inland Revenue checks on companies' compliance with requirements on valuation of overseas assets.
§ Mr. DorrellThe Inland Revenue uses considerable resources on the technical review and investigation of company accounts. The largest companies and those whose affairs are particularly complex are dealt with in offices which specialise in such cases, which have enough staff to review their tax affairs in depth, and which are headed by some of the Department's most senior inspectors. Reviews cover all aspects of companies' accounts and expert advice is available to the inspectors from head office specialists in international issues.
Investments overseas will be monitored as part of this process of review and the valuation of assets abroad will be considered in so far as it may have a bearing on United Kingdom tax liabilities.