§ 37. Mr. W. Hamiltonasked the Chancellor of the Exchequer in view of the unproductive expenditure involved in the issue and counter-issue of brochures and other information by companies involved in take-over bids, if he will introduce legislation to ensure that such expenditure does not rank for tax purposes as business expenses.
§ Mr. BarberI see no reason for legislation on this matter. Expenditure by a trader is allowed as a deduction for tax purposes only if it is incurred wholly and exclusively for the purposes of his trade and is not of a capital nature.