Clause 53 - Treatment of expenditure on research and development
Finance Bill (except clauses 4, 5, 20, 28, 57 to 77, 86, 111 and 282 to 289, and schedules 1, 3, 11, 12, 21 and 37 to 39)
3:00 pm
Mr John Burnett (Shadow Minister, Home Affairs; Torridge and West Devon, Liberal Democrat)
I am quite interested in what the Economic Secretary says. Is he saying that there is considerable flexibility about the relief, and it will either be available against the profit and loss account or, at the taxpayer's election, the expenditure, including past expenditure, can be added to the cost of the asset, so that the taxpayer, whether corporate or unincorporated, can take whatever suits them best?