§ Mr. Tim Smithasked the Chancellor of the Exchequer whether he has any plans to review the taxation of dual resident companies.
§ Mr. Norman LamontI have authorised the Inland Revenue to publish today a consultative document introducing draft clauses on the tax treatment of dual resident companies. Comments on the draft clauses should be sent to the Board of Inland Revenue to arrive by 31 January 1987.
Recent legislation in the United States and evidence of substantially increased use of dual resident companies at the expense of the United Kingdom Exchequer now make United Kingdom legislation necessary. The Government intend to introduce provisions dealing with dual resident companies in the Finance Bill 1987.