Schedule 12 - Tax relief for expenditure on research and development

Part of Finance Bill – in a Public Bill Committee at 6:15 pm on 21st May 2002.

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Photo of Mr Howard Flight Mr Howard Flight Conservative, Arundel and South Downs 6:15 pm, 21st May 2002

I am pleased to hear the Paymaster General's response, for which I thank her. The fundamental objective is to ensure that R and D happens here. I understood from discussions with CBI representatives last autumn that we are in a competitive game, particularly with Canada where there are attractive incentives—hence the argument in favour of the provision. The double dip is a secondary point. It strikes me that the schedule has been cleverly crafted, particularly within EU constraints, so that the net effect is that virtually all R and D takes place here. I beg to ask leave to withdraw the amendment.

Amendment, by leave, withdrawn.