§ 53. Mr. Freemanasked the Chancellor of the Exchequer what representations he has received upon his 487W Budget proposals to tax the issue of United States depositary receipts for equity shares of United Kingdom companies at a rate of 5 per cent.
§ Mr. Ian StewartMy right hon. Friend has received a number of representations to the effect that the 5 per cent. tax should not be imposed on the conversion of United Kingdom shares into depositary receipts.