§ Mr. SoleyTo ask the Chancellor of the Exchequer if he will list the total tax allowances for which the developers of the Canary wharf scheme in London docklands are eligible.
§ Mr. Norman LamontThe precise tax treatment will depend on individual circumstances. A developer who builds property for sale incurs his expenditure on revenue account and is entitled to relief under the normal business expense rules for costs incurred wholly and exclusively for the purposes of his trade. A special 100 per cent. initial allowance is available for construction costs of business buildings within an enterprise zone which are incurred on capital account.