Mr. Alan Lee Williamsasked the Chancellor of the Exchequer what is the practice of the Inland Revenue in applying Section 77 of the Finance Act, 1965, to close companies owned by persons not resident in the United Kingdom.
§ Mr. DiamondWhere, in the present balance of payments situation, a close company, 90 per cent. or more of the ordinary share capital of which is beneficially owned by non-residents, wishes to retain its surplus funds in this country, the Inland Revenue will consider favourably a request that shortfall assessments should not be made.