§ Mr. FrenchTo ask the Chancellor of the Exchequer what is his assessment of the benefit to United Kingdom investors and financial institutions if the tax treatment of fonds commun de placement with undertakings for collective investment in transferable securities certificates is changed so it is practical to market them in the United Kingdom.
§ Mr. DorrellWe have made no such assessment. I understand, however, that fonds commun de placement are mutual funds set up in other member states of the European Union by financial institutions established in those states. It is not clear to what extent changing the tax treatment of those funds to enhance their marketability in the United Kingdom would beneift financial institutions in the United Kingdom as opposed to those of other member states.