Skip to main content

Schedule D

Volume 974: debated on Thursday 29 November 1979

The text on this page has been created from Hansard archive content, it may contain typographical errors.

asked the Chancellor of the Exchequer if he will instruct the Board of Inland Revenue to examine the operation of the provisions by which it is possible to set off against tax under schedule D the cost of staff and entertainment for those operating businesses or stately homes; and if he will bring forward legislation to make such expenditure non-allowable.

I have no present intention of changing the law governing the deduction of trading expenses for tax purposes. Entertainment expenditure is already disallowed for tax purposes

asked the Chancellor of the Exchequer whether the ability to defer taxation for stock relief applies to those companies importing for stock products of foreign manufacturers.

Stock relief is available in respect of goods and materials purchased abroad on the same conditions as for similar purchases in this country.