asked the Chancellor of the Exchequer whether he will instruct the Board of Inland Revenue to return unequivocal answers to applications for clearance under Section 464 of the Income and Corporation Taxes Act, 1970.
The Section envisages that the Board of Inland Revenue, subject to their power to request further information if necessary, will notify the applicant within thirty days whether or not they are satisfied that the transaction in question is such that they will not seek to counteract it under Section 460. If the hon. Member considers that these provisions are not being properly administered, perhaps he will let me have particulars.
asked the Chancellor of the Exchequer whether he will consider introducing amending legislation designed to limit Section 460 of the Income and Corporation Taxes Act, 1970, to cases of dividend stripping.
I have taken note of my hon. Friend's suggestion.