New Industrial Buildings

Part of the debate – in the House of Commons at on 25 April 1944.

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My main proposal for the reconstruction period will thus consist in the deduction from taxable profits of 20 per cent. allowance on all expenditure on new plant and machinery, and 10 per cent. allowance on all expenditure on new industrial buildings. The allowance in respect of plant and machinery will cover all businesses, and will be of particular value to shipping, where it will materially assist the policy of keeping our incomparable Mercantile Marine thoroughly up to date, while incidentally, I hope, providing a steady flow of scrap to the steel industry.