§ Sir William Clarkasked the Chancellor of the Exchequer what assessment he has made of the implications for the operation of the United Kingdom/ United States double taxation convention in terms of the operation of the exemption from federal excise tax and for United Kingdom insurance companies operating in the United States of America of the tax reform legislation passed by the United States House of Representatives; and if he will make a statement.
§ Mr. MooreThe United States tax reform bill, if passed in its present form, would remove part of the exemption presently enjoyed by British insurance companies under the United Kingdom/United States double taxation convention. We have been making strong representations to the United States Administration on the proposal. We will continue to support British insurance companies in seeking to have the relevant provision removed from the tax reform bill.