§ Mr. BettsTo ask the Chancellor of the Exchequer what is his estimate of the additional revenues obtained for the Treasury by the measures he has adopted to limit tax avoidance via trusts and offshore tax havens since 1992.
§ Sir George YoungThe comprehensive system for the taxation of capital gains on those setting up, and receiving benefits from, offshore trusts which was introduced in 1992 prevented an estimated revenue loss of up to £100 million in a full year. In addition, changes introduced in 1993 and 1994 to the legislation for controlled foreign companies and to the treatment of interest payments within multinational groups were expected to increase Exchequer yield by 200 million in a full year.