§ 26. Mr. Hugh Jenkinsasked the Chancellor of the Exchequer if he is aware that conglomerate companies are paying no tax on substantially increased profits by arranging the sale of properties between companies within groups at prices and on terms arranged and managed to create an artificial tax loss which is then set off against current profits; and if he will seek powers to stop this practice and to disallow it retrospectively.
§ Mr. Patrick JenkinI do not know exactly what sort of arrangements the hon. Member has in mind. I have tabled a new clause to the Finance Bill to deal with one particular form of avoidance involving industrial buildings and structures.