HC Deb 13 December 1985 vol 88 c806W
Mr. Wood

asked the Chancellor of the Exchequer if he will make a statement about the Inland Revenue's practice regarding the tax treatment on sale and repurchase agreements in securities.

Mr. Ian Stewart

Proposals will be brought forward in next year's Finance Bill to provide that section 469 of the Income and Corporation Taxes Act 1970 will be treated as never having applied to sale and repurchase transactions involving overseas Government stocks denominated in foreign currency or Eurobonds provided that both parties to the transaction are dealers in securities.