New Commercial Buildings (Depreciation)

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 7th March 1967.

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Photo of Mr John Temple Mr John Temple , City of Chester 12:00 am, 7th March 1967

asked the Chancellor of the Exchequer what would be the estimated cost to the revenue of allowing depreciation at the rate of 10 per cent. per annum to be written off for new commercial buildings.

Photo of Mr Niall MacDermot Mr Niall MacDermot , Derby North

The cost would rise annually to about £160 million a year, assuming current rates of expenditure.

Photo of Mr John Temple Mr John Temple , City of Chester

Is not the Financial Secretary aware that, in view of the enormous increase in building material stocks at present, this might well be a very good way of using an investment grant? If he cannot give an investment allowance, will he consider giving an investment grant for commercial buildings?

Photo of Mr Niall MacDermot Mr Niall MacDermot , Derby North

That is an entirely separate question and one which the hon. Gentleman should address to my right hon. Friend the President of the Board of Trade.