§ Mr. NIELDasked whether the allowance for depreciation on machinery under Income Tax assessment will be increased, in view of the addition to the tax on the manufacturing community, among whom there is a consensus of opinion that the present 5 per cent. allowance is inadequate, in view of the rapidity with which modern machinery calls for replacement?
§ Mr. McKENNAThe rates of allowance for depreciation upon machinery, even in trades where a standard rate has been fixed by agreement with representative trade associations, are not rigidly fixed as suggested by the hon. Member. The Commissioners of Taxes are empowered to make such deduction as they may think just and reasonable according to the circumstances of each case.