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Exchange Control

Volume 972: debated on Monday 29 October 1979

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asked the Chancellor of the Exchequer if the removal of exchange control will facilitate the payment of salaries, commissions or fees to tax havens.

The transfer of funds from the United Kingdom to places outside the scheduled territories will be facilitated by the removal of exchange controls. The scheduled territories still comprise the United Kingdom, the Channel Islands, the Isle of Man, the Republic of Ireland and Gibraltar. But salaries, commissions or fees which are liable to United Kingdom tax because they arise from United Kingdom sources will remain so liable even if they are remitted to tax havens.