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Business Expenses

Volume 79: debated on Friday 17 May 1985

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asked the Chancellor of the Exchequer what is his estimate of the current amount of interest deducted from trading profits as a business expense.

This figure is not available from tax records. Estimates of interest payments by the company sector and public corporations are derived from alternative sources by the Central Statistical Office and published in tables 5·1 and 6·2 respectively of the national income Blue Book. No corresponding estimates are available in respect of trading by unincorporated bodies.

asked the Chancellor of the Exchequer what is his estimate of the amount expected to be claimed as a business expense for the purchase and operation of cars used for business purposes in the current financial year.

I regret that the expenses of operating cars for business purposes are not distinguished from other business expenses in tax records.Capital allowances arising from the purchase of cars by private business are tentatively estimated at £2 billion in 1980, the latest year for which reliable figures are readily available.