66. Mr. N. Smith
asked the Chancellor of the Exchequer whether he is aware that, in certain recent instances, chairmen's speeches to annual meetings of company shareholders, of a political and not of a business character, have been printed in newspapers at the advertisement rates charged for company meeting reports; and if he will disallow as expenses for taxation purposes the cost of such advertisements.42W
§ Sir S. Cripps
Expenditure by traders for political purposes is not permitted to be deducted in computing profits for the purposes of Income Tax or Profits Tax, and any claim to deduct such expenditure would be contested by the Inland Revenue.