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Banks (Third World Debts)

Volume 167: debated on Monday 12 February 1990

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To ask the Chancellor of the Exchequer what is the current policy of the Inland Revenue in relation to the tax treatment of United Kingdom banks which make provision against Third world debt.

To ask the Chancellor of the Exchequer what is the current policy of the Inland Revenue in relation to the tax treatment of United Kingdom banks which make provision against Third world debt.

The Inland Revenue operates the test laid down by law. This provides tax relief to the extent that the principal is estimated to be irrecoverable.