§ Mr. Hooleyasked the Chancellor of the Exchequer if he will introduce legislation to prevent the use of Hong Kong by banks and companies for tax avoidance purposes.
§ Mr. Robert SheldonThe legislation which already exists to prevent avoidance of United Kingdom tax by overseas operations applies to operations in Hong 723W Kong in the same way as it does to other countries. Any further legislation which might be found necessary to supplement it would also need to be in general terms. I have, however, taken note of my hon. Friend's Question and shall bear it in mind.