§ Mr. Ian Lloydasked the Chancellor of the Exchequer whether he will give an estimate of the total net annual proceeds to the Exchequer which arise from the receipt of the investment dollar premium element derived from the sale within the United Kingdom of securities received by legatees of foreign estates who are presently compelled to sell such securities ex premium on the United Kingdom market, for the years 1972, 1973 and 1974, respectively.
§ Mr. DellThe total foreign currency proceeds from such sales accrue to the reserves; no part of them accrues to the Exchequer. Information about the scale of these proceeds is not available.
§ Mr. Ian Lloydasked the Chancellor of the Exchequer by what criteria he differentiates, in the application of investment dollar premium regulations, between those who sell similar investments acquired on the United Kingdom market from United Kingdom holders and acquired by inheritance from overseas estates to purchasers who are, in both instances, required to pay the premium.
§ Mr. DellForeign currency securities acquired for portfolio investment purposes with investment currency are normally eligible for resale for the investment currency premium. The investment currency premium has not been paid on foreign currency securities inherited from a non-resident and owners of such securities are not eligible for the premium on sale.