§ Mr. Stratton Millsasked the Chancellor of the Exchequer why the Inland Revenue have asked banks to provide details of all applications for new issues of shares and other securities; by what statutory authority they have demanded such information; and if he will make a statement.
§ Mr. MacDermotUnder paragraph 7, 10th Schedule, Finance Act, 1965, any person carrying on a business of effecting public issues of shares or securities may be required to make a return giving particulars of persons to whom such shares 217W or securities are issued. No such returns have yet been called for but, following discussions between the Inland Revenue and representative bodies on procedure, banks have been asked to provide preliminary information about the issues effected by them.