Schedule 13 - Tax relief for expenditure on vaccine research etc
Finance Bill
9:45 am
Mr Paul Boateng (Financial Secretary, HM Treasury; Brent South, Labour)
I can give the hon. Gentleman the assurance that he seeks. There is no danger whatever of the provisions being left in the ether, as he so picturesquely describes it. I assure the Committee that we intend the measure to be implemented as soon as we have the necessary state aid approvals. It is necessary to get state aid approval, but we have every confidence that the Commission will give it. However, as it may affect competition in trade between European Union member states, it is necessary to obtain such approval. We propose bringing the provisions into effect on a date appointed by the Treasury, which we expect will be soon after receiving approval.
The measure is intended, as we have indicated, as an incentive to industry to commit new resources to discovering vaccines and medicines for the prevention and treatment of those diseases. They know that it is coming. They are doing work in that area and know that we are seeking Commission approval. There is no uncertainty or doubt as to our intentions. I hope, with that assurance, that the hon. Gentleman will not press the amendment to a Division.