§ 54. Mr. Saltasked the Chancellor of the Exchequer whether he will consider inserting in the next Finance Bill a Clause to the effect that any commissions paid by a trading concern shall not be allowed as an expense for taxation purposes unless the receiver's name and address is disclosed?
§ Sir J. SimonThe question whether a particular payment is admissible as a deduction in computing for Income Tax purposes the profits of a trade falls to be determined by reference to the consideration whether, not being of a capital character, it represents expenditure wholly and exclusively incurred for the purposes of the trade. As to the powers of the Revenue to require particulars of commissions paid by a trading concern, I would refer my hon. Friend to Section 19 of the Finance Act, 1939.