§ 44 and 45. Mr. Holman
asked the Chancellor of the Exchequer (1) what representations he has received from distributive trade organisations about depreciation allowances on commercial buildings far taxation purposes, as recommended by the Committee on the Taxation of Trading Profits and the Royal Commission on the Taxation of Profits and Income:
(2) what would be the cost to the Exchequer of an annual allowance for the purposes of Income Tax and Profits Tax for the structure of commercial buildings at the rate of 2 per cent. of cost, as is now given for industrial buildings.
§ Mr. Barber
My right hon. Friend has received representations made on behalf of the Co-operative Union, Ltd., the Multiple Shops Federation, National Chamber of Trade and Retail Distributors' Association suggesting the grant of an annual depreciation allowance of 2 per cent. for all commercial buildings. The cost would be about £20 million in a full year.