HC Deb 30 October 1997 vol 299 c880W
18. Mr. Loughton

To ask the Chancellor of the Exchequer what progress has been made regarding the consultation process on the budget proposals for the future of FIDs. [12666]

Mr. Geoffrey Robinson

In response to the invitation I announced in the Finance Bill Standing Committee on 22 July, we have received a number of representations on behalf of UK-owned companies and UK investment funds that obtain a high proportion of their profits from overseas. These representations are being carefully considered with a view to finding a way forward following the abolition of FIDs in 1999 in 1999 that balances the interests of the Exchequer with those of the companies involved.