§ Mr. Arthur Lewisasked the Chancellor of the Exchequer whether he will give the general rules concerning the granting of tax concessions and rights of exchange control on cash prizes awarded for sporting contests; whether a cash prize for the winner of a contest in a sporting event in a country outside Great Britain can be claimed as a deductible tax expense; and whether exchange control for transferring such prize money outside the sterling area is permissible.
§ Mr. HigginsA cash prize would not usually be deductible in computing profits for tax purposes, unless it was given wholly and exclusively for the purpose of a business. If it was proposed to contribute to a cash prize outside the British Isles, exchange control permission would depend on the nature of the payment.