asked the Chancellor of the Exchequer when he expects discussions to take place between the Inland Revenue and members of the Joint Taxation Sub-Committee of the Accepting Houses Committee and the Issuing Houses Association on the treatment of gains and losses in foreign exchange arising from borrowings in foreign currency.

The Inland Revenue hopes that as part of its programme of consultations it will be possible for it to arrange a meeting with members of the sub-committee before the end of the year.