§ 79 and 80. Mr. Lewisasked the Chancellor of the Exchequer (1) how far under his regulations an individual taxpayer is allowed to claim expenses and Income Tax allowance on monies spent in supporting or opposing the declared objectives of political parties;
(2) how far under his regulations monies expended by public companies for political purposes, such as propaganda expenses against the declared objectives of political parties, are allowable as deductions from company profits and as deductions for Income Tax purposes; and what limit is imposed on such allowable expenses.
Mr. AmoryAn allowance is only made where the expenditure can be shown to have been incurred wholly and exclusively for the purposes of the taxpayer's trade, whether the taxpayer is a company or an individual.