Income and Corporation Taxes Act, 1970

HC Deb 17 November 1970 vol 806 cc365-6W

Mr. Peter Rees

asked the Chancellor of the Exchequer whether he will instruct the Board of Inland Revenue to return unequivocal answers to applications for clearance under Section 464 of the Income and Corporation Taxes Act, 1970.

Mr. Patrick Jenkin

The Section envisages that the Board of Inland Revenue, subject to their power to request further information if necessary, will notify the applicant within thirty days whether or not they are satisfied that the transaction in question is such that they will not seek to counteract it under Section 460. If the hon. Member considers that these provisions are not being properly administered, perhaps he will let me have particulars.

Mr. Peter Rees

asked the Chancellor of the Exchequer whether he will consider introducing amending legislation designed to limit Section 460 of the Income and Corporation Taxes Act, 1970, to cases of dividend stripping.

Mr. Patrick Jenkin

I have taken note of my hon. Friend's suggestion.