Speaking at a meeting of the Selection Trust on June 24th, Mr. Chester Beatty, the Trust's chairman, said he was much more optimistic about the effects of the corporation tax. It could now be that, on the basis of present profits amd rate of dividend, tax liability may be only increased by £400,000 per annum instead of the previously estimated £850,000.
Mr. Beatty bases this TeVision not on the Finance Bill concessions that were made hard on the heels of his original statement on June énd., but on a recently as the small hours of Wednesday morning. The purport of this was that the previous scaling down for double tax relief purposes of the minimum holding in an overseas investment in the Commonwealth from 25% to 10% will also apply to certain non-Commonwealth countries where there is a reciprocal kind of 10% concession,