§ Lord Stoddart of Swindonasked Her Majesty's Government:
Further to the Written Answer by the Lord McIntosh of Haringey on 27 May (WA 99), what damage to the financial services industry in the City of London caused by a withholding tax they would regard as serious; and what damage they would regard as not serious. [HL2800]
§ Lord McIntosh of HaringeyAs the conclusions of the ECOFIN Council on 25 May make clear, the treatment of international bonds as provided for under the draft Directive on the taxation of savings might give rise to problems regarding the competitiveness of financial markets, in particular wholesale markets. We regard that as serious.