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Livestock Markets (Capital Allowances)

Volume 22: debated on Monday 19 April 1982

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asked the Chancellor of the Exchequer (1) why livestock markets are regarded as being used for commercial purposes and not for husbandry of agricultural land under section 68 of the Capital Allowances Act 1968; and if he will make a statement;(2) what items of capital expenditure on

(a) new buildings and (b) existing buildings in livestock auction markets qualify for tax relief under section 68 of the Capital Allowances Act 1968; and if he will make a statement.

A market is a centre for commercial transactions whatever the nature of the commodity or product that is traded. As commercial premises, livestock and other market buildings do not qualify for any buildings capital allowances. An element of the construction costs of most commercial buildings—which in some cases can be significant—normally qualifies for plant and machinery allowances.

asked the Chancellor of the Exchequer (1) what representations he has recently received from farming and landowning organisations concerning tax relief on the capital cost of constructing new livestock market buildings;(2) whether he will extend the system of capital allowances to include tax relief on all capital expenditure in livestock auction markets; and if he will make a statement.

No representations from farming and land owning organisations have come to my attention but I have noted my hon. Friend's suggestion.