§ Mr. FrenchTo ask the Chancellor of the Exchequer what assessment he has made of the fiscal regime in Dublin compared with that in London as an attraction to financial institutions specialising in personal savings products.
§ Mr. DorrellNo blanket assessment of the attractions of different centres is possible. The tax position of personal savings products depends on the tax rules in the state of residence of the saver as well as those in the state of origin of the product, if different, on the characteristics of the product and of any assets underlying it and on the terms of any relevant double taxation agreements. The tax rules applicable to profits of the product providers will also have some influence on their choice of location. The Government seek to put in place tax rules which are consistent with widespread purchase of United Kingdom personal savings products, most recently by changes in the Finance Act 1994 to the tax rules for authorised unit trusts.