§ 49. Mr. Markhamasked the Chancellor of the Exchequer whether he will consider the expediency of relieving money spent on scientific research in industry of the burden of Income Tax by instituting a rebate on moneys so expended?
§ Sir J. SimonMy hon. Friend would not be correct in assuming that in no circumstances would expenditure incurred by an industrial concern on research for the purposes of its business be admissible as a deduction in computing its profits for Income Tax purposes. If he has any particular case in mind, and will let me know the facts, I will gladly look into it and communicate to him the result of my inquiries.