asked the Chancellor of the Exchequer when he will publish the proposed consultative document on deduction of tax from interest paid by United Kingdom companies on foreign loans.

With my approval, the consultative document entitled "Tax treatment of interest paid by companies to non-residents" is being issued by the Inland Revenue today. This consultative document is concerned with some aspects of the present rules of deduction of tax at source from interest paid by United Kingdom companies to non-residents, in particular the effect of the present rules on the ability of United Kingdom companies to issue Eurobonds.