Income Tax and Profits Tax (Business Expenses)

HC Deb 27 March 1956 vol 550 c1958

31. Mr. H. Wilson

asked the Chancellor of the Exchequer whether he will give an undertaking that contributions by business firms to the new campaign for a reduction in Government expenditure will not be accepted by the Board of Inland Revenue as admissible business expenses in the assessment of Income Tax and Profits Tax.

Mr. H. Macmillan

Contributions by a business firm to such a campaign would not be regarded by the Board of Inland Revenue as an admissible deduction in computing trading profits for taxation purposes.