§ Mr. Leeasked the Chancellor of the Exchequer what is his estimate of the loss of revenue for the financial years 1974–75, 1975–76 and 1976–77 consequent upon the granting of permission to public companies to remove their tax domicile from the United Kingdom.
§ Mr. Robert SheldonUnder Section 428 of the Income and Corporation Taxes Act 1970, a company wishing to transfer its residence for tax purposes outside the United Kingdom must obtain the consent of the Treasury. The loss of revenue arising from special consents given under this section to publicly-quoted companies is estimated to be about £300,000 for the financial years 1974–75 and 1975–76 and £1,400,000 for 1976–77.