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Overseas Transactions (Applications)

Volume 524: debated on Tuesday 9 March 1954

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26.

asked the Chancellor of the Exchequer how many applications for Treasury consent under Section 468 of the Income Tax Act, 1952, or the Section which it replaced, were made during 1952 and 1953, respectively; and in how many of such applications was consent refused.

Three hundred and forty-seven applications for Treasury consent were made in 1952 and 223 in 1953. Consent was refused in seven cases in 1952 and in one case in 1953.

In consideration of the fact that I am providing my right hon. Friend with this welcome change of subject, will he state whether he does not consider that this action in trying to stop up some small leaks of tax evasion is preventing the flow of investment in the Commonwealth?

I have not found that to be the case, but in view of what my hon. Friend says, I will certainly look at it.