Income Tax and Research Expenditure

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

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My proposal is that any research expenditure of a capital character, which means normally expenditure on laboratory buildings, plant and machinery, should be allowed over a period of five years, or over the life of the assets if shorter, as a deduction from profits for Income Tax purposes. In addition, all current research expenditure such as salaries, wages, cost of materials, repairs, and so forth, will be allowed as and when incurred by the trader.