Business Profits (Wear and Tear Allowances)

HC Deb 04 February 1944 vol 396 cc1528-9W

Mr. Ellis Smith

asked the Chancellor of the Exchequer the amounts allowed by the Board of Inland Revenue from profits in respect of depreciation or replacement of capital assets for the fiscal years 1937–38, 1938–39, 1939–40, 1940–41, 1941–42 and 1942–43, including allowances made by virtue of the provisions of the 1941 Finance Act.

Sir J. Anderson

The total amounts of wear and tear allowed as deductions from the Schedule D assessments on trading profits are estimated as follow:

			£000s.
1937–38	…	…	136,065
1938–39	…	…	171,469
1939–40	…	…	175,314
1940–41	…	…	191,500
1941–42	…	…	204,000
1942–43	…	…	200,000

These amounts include the sums allowed for exceptional depreciation under Section 19, Finance Act, 1941. They do not include either obsolescence allowances or the amounts allowed on a "renewals" basis where renewals are claimed in lieu of the wear and tear allowances in regard to which no statistics are available.