§ 80. Sir T. Beamishasked the Chancellor of the Exchequer on what authority the gift of dollar securities involves the 72W surrender of 25 per cent. of the dollar premium to the reserves; and if he will introduce amending legislation to correct this anomaly.
§ Mr. Roy JenkinsGifts, settlements and distributions of foreign currency securities by U.K. residents require permission under the Exchange Control Act, 1947. Until recently, permission for such dispositions was normally subject to the 25 per cent. requirement. This requirement no longer applies in these cases.