§ 5. Mr. Chopeasked the Chancellor of the Exchequer whether he is satisfied with the use being made of the business expansion scheme by new companies involved in agriculture.
§ Mr. MooreThe business expansion scheme has been very successful and I understand that the approved funds alone have already raised more than £25 million of new money from investors. This is most encouraging. We are, of course, keeping the scheme under constant review.
§ Mr. ChopeDoes my right hon. Friend agree that the scheme would be even more successful if it put greater 1007 emphasis on encouraging investment in high-risk ventures rather than in ventures which are often thinly disguised as tax avoidance schemes?
§ Mr. MaxtonIf the Minister is to expand the scheme to give help to agriculture, will he at the same time withdraw the tax relief given to farmers by their not paying rates on agricultural land and consider introducing rating for agricultural land?
§ Mr. MooreIt is clearly the season for Budget recommendations, and I am sure that my right hon. Friend has heard the hon. Gentleman's remark.
§ Mr. LathamRegarding business and agriculture, will my hon. Friend take particularly seriously the recommendations made to him directly that brood mares should be treated as agricultural animals for tax purposes?
§ Mr. MooreI take all representations, made directly or indirectly, with great seriousness, and I have noted those pertaining to brood mares.
§ Mr. Campbell-SavoursIf the scheme relates to agricultural land, it is possible also to provide for tax-free investment in agricultural land?
§ Mr. MooreAll aspects of the new scheme, which I know has been welcomed on both sides of the House as a major opportunity for increasing jobs, are under constant review.
§ Mrs. RumboldI recognise the importance of agriculture to the national economy, but will my hon. Friend give some assurance that the business expansion scheme will be encouraged in the forthcoming Budget to support high technology investments and schemes?
§ Mr. MooreI know of my hon. Friend's involvement and interest in the business expansion scheme, and obviously notice will be taken of her point.