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Depreciated Properties (Deferred Repairs)

Volume 387: debated on Tuesday 23 March 1943

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asked the Chancellor of the Exchequer whether his attention has been called to the position of concerns of which the main revenue, trading and otherwise, is derived from properties of various kinds which, owing to the war, are suffering heavy depreciation through lack of adequate repairs; and whether he will consider allowing certain reserves for deferred maintenance to be made and treated as an expense of the business for taxation purposes?

An allowance in respect of deferred repairs is given for the purpose of Excess Profits Tax, and for the purposes of the Income Tax the deferred expenditure on repairs will rank for allowance as and when it is incurred.