Charitable Deeds of Covenant (Taxation)

HC Deb 14 March 1969 vol 779 cc366-7W

Mr. Temple

asked the Chancellor of the Exchequer in what circumstances where a charitable deed of covenant, executed by a close company, is allowable under Section 52 of the Finance Act, 1965, against profits for Corporation, Tax purposes and against profits under Section 77 of the same Act for apportionment as to Income Tax, it is the practice of the Inland Revenue to make an apportionment of the money paid under the deed of covenant according to Section 78 of the Act as to Surtax.

Mr. Harold Lever

In all circumstances, unless the effect of the apportionment would be trivial.