§ Sir Brandon Rhys Williamsasked the Chancellor of the Exchequer if it is his intention to permit current cost accounting methods in accordance with "Statement of Standard Accountancy Practice No. 16", issued by the Consultative Committee of Accountancy Bodies to be used for future calculations of liability for corporation tax.
§ Mr. MooreI understand the accounting standards committee is considering a possible successor to SSAP16. Current cost profits disclosed by accounts prepared in accordance with SSAP16 may be used in preparing computations of profits for tax purposes, but the various current cost adjustments referred to in the standard must be excluded, as they are neither allowable deductions nor chargeable receipts for tax purposes.