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Multinational Companies (Directors' Perquisites)

Volume 934: debated on Tuesday 28 June 1977

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asked the Secretary of State for Trade if, in the light of the report on Lonhro made to his Department under Section 165 of the Companies Act, he will issue a suggested code of conduct for the guidance of directors of multinational public companies, particularly in the matter of non-taxable perquisites.

No. I am not aware of any recommendation in a report to the Department under Section 165 which would call for such a code of conduct. Taxation legislation contains provisions for the taxation of benefits in kind, and Questions relating to the taxation of perquisites are for the Chancellor of the Exchequer.