Abstract
IN his Budget speech last year, the Chancellor of the Exchequer undertook to provide reliefs of income tax for industry and agriculture during the reconstruction period after the War. A Bill to give effect to these proposals has now been introduced in the House of Commons. So far as scientific research is concerned the allowance given in the Finance Act 1944 (see Nature, May 6, 1944, p. 542) is now to be extended to payments made after April 6, 1944. An allowance is also to be made for expenditure for buildings, plant and machinery for research incurred after January 1, 1937. Other proposals are concerned more directly with industry. Allowances are to be made for second-hand as well as new plant. A welcome sense of the well-being of personnel is shown by the inclusion, among industrial buildings qualifying for allowances, of those concerned with welfare, such as sports pavilions. An annual allows ance for a period of years is proposed in respect of capital expended on purchasing patent rights after "the appointed day", and a corresponding charge is to be made against vendors of a patent. Agricultural buildings and works will qualify for allowances as will also houses built for workers at mines or oil wells which will be useless when the mines or wells are exhausted. The new allowances will apply to expenditure incurred since April 1, 1944.
Article PDF
Rights and permissions
About this article
Cite this article
Research Development and Tax Relief. Nature 155, 231–232 (1945). https://doi.org/10.1038/155231d0
Issue Date:
DOI: https://doi.org/10.1038/155231d0