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Capital Gains

Volume 929: debated on Tuesday 29 March 1977

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I come now to proposals for improving the taxation of capital gains. These take account of recommendations made by a joint working party of the Inland Revenue and representative bodies, for whose help and advice we are grateful.

First, I propose an improved roll-over relief for what is often called "domestication", that is, the transfer of an overseas branch to a separate non-resident company.

Second, I intend to modify in certain respects the rules applying to company take-overs, amalgamations and reconstructions.