Schedule 12 - Tax relief for expenditure on research and development

Part of Finance Bill – in a Public Bill Committee at 6:45 pm on 21st May 2002.

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Photo of Michael Jack Michael Jack Conservative, Fylde 6:45 pm, 21st May 2002

I am most grateful for the way in which the Paymaster General dealt with the issue of tax credits. I am in the fortunate position of not knowing to which company she was referring, because those in the accounting profession who raised the matter with me also did not name it. In a way, I am delighted not to know, because she has implied that in relation to the IT outsourcing there may be wider issues.

Returning to the Paymaster General's wider comments, we shall have to see how we go, as we are in uncharted territories. I should say at the outset that it would be foolish to proceed to press to a Division amendments that would act in the context of untested legislation and might not deliver what was required. However, much of what the Paymaster General is saying could form the basis of future discussion. Perhaps in due course some guidance, a practice note or an appropriate publication could be produced to assist people in understanding the area covered by the amendments.