§ 26. Mr. Albu
asked the Chancellor of the Exchequer whether payments by a firm of the school fees of a selected number of its employees are reckoned as expenses wholly and exclusively laid out for the purposes of the firm's trade.
§ Mr. H. Brooke
The application of the law to particular cases depends on the precise facts, but I am advised that for tax purposes such payments would normally be expenses so laid out, and would accordingly be admissible as a deduction in computing trading profits.