§ Mr. DykesTo ask the Chancellor of the Exchequer if he will examine ways in which income accruing from overseas portfolio investments and deposits could be subjected to income tax; and what representations he has received seeking action to equalise the treatment afforded to United Kingdom unit trusts in comparison with other European countries' unit trusts.
§ Mr. Norman LamontIncome from overseas investments and deposits is generally subject to income tax or corporation tax in the hands of United Kingdom taxpayers. Representations have been received from the Unit Trust Association and others about the comparative tax treatment of United Kingdom unit trusts and similar investment vehicles in other European countries. These representations are being considered.
§ Mr. DykesTo ask the Chancellor of the Exchequer if he will examine the tax position of registered British unit trusts to bring them into line with the tax position of unit trusts offered by European Community member companies.
§ Mr. Norman LamontWe are examining a number of representations about the relative tax treatment of United Kingdom unit trusts and other European investment vehicles.