§ Mr. Buchananasked the Chancellor of the Exchequer if he will outline the functions of the advisory panel set up to consider applications by firms wishing to change their residence or to carry out any other transaction for which the consent of the Treasury under Section 468 of the Income Tax Act, 1952. is necessary; and what are the names of the present members of the panel.
§ Mr. CallaghanThe Advisory Panel was set up in 1951 to advise the Chancellor of the Exchequer whether, on a balance of commercial considerations and prospective loss of revenue or of foreign exchange, in their opinion consent should be given to a particular transaction falling within the terms of the Section. The only cases normally referred to the Panel are those on which officials of the Inland Revenue or the Treasury have reached the view that permission ought not to be given. The final decision is for174W the Chancellor of the Exchequer to take after considering the advice given by the Panel. The present members of the Panel are Sir William Carrington (Chairman), Mr. A. H. Carnwath, Sir Arthur Driver and Mr. H. H. Monroe, Q.C.