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Section four hundred and sixty-eight of the Income Tax Act, 1952 (which restricts certain transactions leading to the migration of a company outside the United Kingdom), shall have effect as if there were left out of that section (a) in subsection (1) the words "unless carried out with the consent of the Treasury" and (b) subsection (4).—[Mr. Mitchison]
I beg to move, That the Clause be read a Second time.
This proposal relates to what is commonly called "migration of companies." A company resident in this country cannot move to another country so as to be non-resident in this country without the leave of the Treasury. Moreover, it cannot take certain steps which have to some extent a similar effect. That legislation was introduced in 1951 and was incorporated in the Income Tax Act, 1952. Though there is a good deal to be said for the proposition, to which I shall refer in a minute, it was really a temporary measure.