§ Dr. TwinnTo ask the Chancellor of the Exchequer if he proposes to make any changes to the Inland Revenue guidelines for approval of business expansion scheme funds.
§ Mr. Norman LamontWe have decided to remove the requirement that a fund must offer participants a spread of investment in companies carrying on different trades. From now on, an approved BES fund will be able to invest in companies specialising in a particular activity. We are also reviewing the rest of the guidelines to take account of the introduction of the Financial Services Act and the experience to date of the use of approved BES funds.