UK Royal Dutch Shell
July 19, 2005
Question written on 19/07/2005
To ask the Chancellor of the Exchequer if he will make a statement on the position of the minority shareholders in UK Royal Dutch Shell who, following the reconstruction of the Shell Group, will be liable for capital gains tax.
Answered by Dawn Primarolo
Ministers cannot comment on the tax affairs of individual taxpayers.The UK has rules relating to share exchanges, which provide for relief by deferring tax on capital gains. Whether that relief is due to shareholders affected by the Shell reconstruction depends on exactly how the reconstruction is carried out. The detail of the reconstruction is, of course, entirely a matter for the companies concerned.