§ Mr. LoughtonTo ask the Chancellor of the Exchequer what assessment has been made of the likely loss of tax revenue to the Exchequer from switching out of former PEP investments above the £50,000 ISA ceiling into offshore roll-up funds after October 1999. [21505]
§ Dawn PrimaroloThe gains on offshore roll-up funds are taxed to income tax at the investor's marginal rate on withdrawals from the fund, and expenses are often higher than for comparable UK investments. In these circumstances, only a limited amount of PEP funds are likely to switch to offshore roll-up funds.