§ Mr. L. Thomasasked the Chancellor of the Exchequer whether he will take steps to ensure that after 30th May, 1962, when the Republic of South Africa (Temporary Provisions) Act ceases to have effect, credit will be due to United Kingdom shareholders in a South African company for South African tax paid on the company's profits.
§ Mr. BarberThe draft of a revised double taxation agreement between South Africa and the United Kingdom was initialled in Cape Town by officials of both countries on 15th January, 1962. The draft agreement contains a provision under which credit would be due to United Kingdom residents holding shares in a South African company not only for any South African tax deducted from dividends, but also for the appropriate part of the South African tax paid by the company on the profits out of which the dividends are paid. When this agreement has been signed it will be brought before the House of Commons for approval in the ordinary way.