§ Mr. MilburnTo ask the Secretary of State for Transport what were the tax losses made available to Railtrack on privatisation. [8303]
§ Mr. WattsA total of £707 million of the British Railways Board's unrelieved trading losses were transferred to Railtrack. In accordance with the provisions of paragraph 15 of schedule 24 to the Finance Act 1994, the transferred losses may be set off only against trading income of railtrack which arose in the period during which it was a public sector railway company.