§ Mr. Cowansasked the Chancellor of the Exchequer what are the current tax allowances for company cars; how many cars are estimated to benefit from these allowances; and what is the estimated total value to companies of these allowances.
§ Mr. Robert Sheldon,pursuant to his reply [Official Report, 6th June 1978; Vol. 951, c. 120], gave the following information:
Relief for capital expenditure on cars by companies, and other business users, is normally given by way of annual writing down allowances of 25 per cent. of the balance of unrelieved expenditure, subject to a maximum allowance in any year of £1,250 for any car.
342Wat 1970 prices for the United Kingdom are given below for each of the calendar years 1969 to 1977 and the estimate for the first quarter of 1978 is given after seasonal adjustment.
I regret that insufficient information is available centrally to give the estimates requested.