§ Mr. Pardoeasked the Chancellor of the Exchequer what was the loss to public revenue and the cost to public funds of all those measures designed to encourage industrial investment in the United Kingdom in 1964 and each subsequent year and over the whole period together.
§ Mr. Gregor MackenzieI have been asked to reply.
I regret that all of the figures requested are not readily available and could not be obtained without disproportionate time and effort. The table below was prepared for another purpose and shows the expenditure on certain investment incentives, but not in precisely the form requested.
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§ Mr. Pardoeasked the Chancellor of the Exchequer if he will publish in the Official Report a list of all those various measures designed to encourage industrial investment which have been introduced since 1964 showing the date when they were announced in Parliament and the
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INVESTMENT INCENTIVES INTRODUCED IN THE UNITED KINGDOM AFTER 1964 Incentive Announced or presented to Parliament Introduced Ceasea to Operate Investment Allowance against tax Basic rate 30 per cent. Before 1964 16th January 1966 Initial tax allowance (percentage rate) Machinery and plant, Free depreciation Development Area—10 per cent. elsewhere. Before 1964 16th January 1966 Industrial Buildings 5 per cent. Before 1964 16th January 1966 Machinery and plant not qualifying for investment Grants—30 per cent. — 17th January 1966 26th October 1970 Industrial Buildings 15 per cent. — 17th January 1966 5th April 1970 Industrial Buildings— (a) increased to 40 per cent. for development and intermediate areas; 14th April 1970 6th April 1970 11th November 1974 (b) increased to 30 per cent. elsewhere 14th April 1970 6th April 1970 21st March 1972 Mining Works in development areas 27th October 1970 27th October 1970 — Industrial Buildings 40 per cent. all areas 21st March 1972 22nd March 1972 12th November 1974 Industrial Buildings 50 per cent. all areas 12th November 1974 13th November 1974 — First year tax allowance (percentage rate) Machinery and plant— (a) 100 per cent. for new non-mobile machinery and plant in development areas; 27th October 1970 27th October 1970 — (b) 60 per cent. for other machinery and plant. 27th October 1970 27th October 1970 19th July 1971 Machinery and plant 60 per cent. rate increased to 80 per cent. 20th July 1971 20th July 1971 21st March 1972 Machinery and plant 80 per cent. rate increased to 100 per cent. 21st March 1972 22nd March 1972 — Thermal insulation added to existing industrial buildings—100 per cent. rate 12th November 1974 13th November 1974 — Investment Grants Basic Rate 20 per cent. to 40 per cent. Development Areas. 16th January 1966 17th January 1966 31st December 1966 Basic Rate 25 per cent. to 45 per cent. Development Areas. — 1st January 1967 31st Decemoer 1968 Basic Rate 20 per cent. to 40 per cent. Development Areas. — 1st January 1969 26th October 1970 Regional Development Grants 22 per cent. Special Development Areas, 20 per cent. Development Areas, 20 per cent. Intermediate Areas (Industrial Buildings only) 21st March 1972 22nd March 1972 — Selective Assistance under the Industry Act Mainly Section 7 and 8 assistance — 9th August 1972 — date when they became operative and the date when they ceased to operate.
§ Mr. Gregor MackenzieI have been asked to reply.
The main investment incentives, generally available to industry which have been introduced since 1964 are listed below:
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