HC Deb 01 December 1949 vol 470 cc113-4W
68. Mr. Shurmer

asked the Chancellor of the Exchequer if he will consider granting to new traders the allowance of certain pre-trading expenses, where it can be proved that delay in commencing to trade is solely due to shortage of materials and hold-ups in obtaining licences from Departments, to obviate double taxation and hardship on the new trader.

Mr. Glenvil Hall

The general rule is that expenses incurred prior to trading are not deductible in computing profits for tax purposes—such expenses may arise from various causes and I cannot authorise any departure from the rule in the particular circumstances suggested by my hon. Friend.