§ Mr. L. SMITH
asked the Chancellor of the Exchequer whether in view of the dissatisfaction of trade and industry with the present reliefs for obsolescence of plant, machinery, and buildings, he has any information showing what encouragement is given to industries in other countries to provide themselves with the latest and most efficient equipment?
The taxation developments in certain other countries are kept under review, but I would remind my hon. Friend that, where the taxation system is different as it is generally in foreign countries, one particular item cannot reasonably be selected for the purpose of comparison. I may add that I do not admit the implication in my hon. Friend's question that the existing Income Tax allowance for obsolescence is not adequate.