§ Mr. Peter Walkerasked the Chancellor of the Exchequer what is his policy towards mining companies which seek to transfer their domicile to other Commonwealth countries.
§ Mr. CallaghanA company is domiciled in the country in which it is incorporated and cannot change its domicile. Companies may, however, change their residence, subject to the provisions of Section 468 of the Income Tax Act, 1952.
Applications for a change of residence are examined in the light of the company's own circumstances, balancing, in the national interest, the effect of the transfer on the efficiency and development of the company, against the prospective loss to to the country of revenue or foreign exchange. No special considerations apply to mining companies.