§ Mr. Foulkesasked the Chancellor of the Exchequer if he will introduce legislation to define company residence and to tax upstream loans in order to reduce the amount of potential revenue lost.
§ Mr. WakehamAs we made clear in the consultative document on "Taxation of International Business", copies of which are available in the Library of the House, we do not now propose to bring forward a statutory definition of company residence at this stage. On upstream loans, we are giving further consideration to the problem, bearing in mind the need to protect loans made in the ordinary course of business, and shall in due course consult afresh.