§ 43. Sir N. Grattan-Doyleasked the Chancellor of the Exchequer whether expenditure by owners of factories and works on air raid precaution schemes in respect of such premises is now treated as an allowable expense for Income Tax purposes; and, if such is not the case, whether he will make provision in the Finance Bill allowing such expenditure?
§ Mr. ChamberlainExpenditure of the kind referred to, unless in the nature of capital expenditure, would already be admissible as a deduction in computing the profits of a trader for Income Tax purposes.
§ Mr. BellengerMay I ask the Chancellor of the Exchequer why that is allowable? Is this not capital expenditure on the provision of factories?
§ Mr. ChamberlainI said unless it was in the nature of capital expenditure.