HC Deb 28 June 1968 vol 767 cc148-50W
Mr. Onslow

asked the Chancellor of the Exchequer what directions have been issued through the Bank of England in respect of the remittance of profits earned by Canadian subsidiaries of United Kingdom companies; and on what authority.

Mr. Harold Lever

Section 30(1) of the Exchange Control Act, 1947 gives the Treasury the power, which is delegated to the Bank of England under Section 34, to issue to United Kingdom residents a notice in writing to secure a satisfactory level of remittances from overseas companies which they control, but the co-operation obtained is such that very few formal notices have ever been issued. None has been issued recently. Current policy is to seek repatriation to the United Kingdom of the greatest possible amount of the net taxed earnings of subsidiary companies in the non-sterling area which are controlled by United Kingdom residents.