§ Mr. Watkinsonasked the Chancellor of the Exchequer if he distinguishes between individual and company outflows of capital.
§ Mr. Robert Sheldon,pursuant to his reply [Official Report, 17th January 1977, Vol. 924, c. 46], gave the following additional information:
There is not one set of exchange control rules for individuals and another for companies. The Exchange Control Act 1947 and the exchange control notices issued thereunder by the Bank of England are all based on the concept of residential status.
The rules relating to, for example, emigration and the purchase of holiday homes abroad will clearly apply only to individuals: and those relating to overseas direct investment mainly to companies. To this extent there is a distinction between individuals and companies, but it is brought about more by force of circumstances rather than intent.