Income Tax and Research Expenditure

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

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I hope that the Committee will agree that in this comprehensive attempt to relieve from taxation altogether funds devoted by industry to the support of fundamental research, to the translation of laboratory research to production, and to the full-scale development of the product, the Board of Inland Revenue have tackled the problem with a sense of realities born out of their close interest in the effects of taxation upon industrial recovery and the buoyancy of the revenue.