Foreign Loan Interest

HC Deb 23 March 1982 vol 20 cc329-30W

Miss Fookes

asked the Chancellor of the Exchequer whether he will amend the provisions for deducting tax from interest paid by United Kingdom companies on foreign loans.

Mr. Ridley

I am aware of the concern about these provisions, but they are closely linked with the rules for allowing interest paid to non-residents as a deduction from company profits. It would be undesirable to make changes without re-examining these rules. These are complicated

Mr. Brittan

The latest information is available in the 1982 edition of the "Annual Abstract of Statistics". Forecasts of expenditure are not available on this basis. Forecasts on a different basis are available in table 2.10 of "The Government's Expenditure Plans 1982–83 to 1984–85"—Cmnd. 8494-II.