Income Tax and Research Expenditure

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

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This allowance of capital expenditure over a period of five years will be the rule for research carried out by a trading concern on its own account. In addition I propose that any payment, whether for a capital purpose or not, made by a trader to a central research body approved by the Department of Scientific and Industrial Research shall be allowed, as and when made, as a deduction in computing the profits of the concern. Contributions to research being carried out by a university or college on matters of concern to the trader's business will similarly be allowed.