§ Mr. BurnsTo ask the Chancellor of the Exchequer what arrangements are being made to publish the legislation which gives effect to his proposals on capital allowances for machinery and plant announced on Budget day.
§ Mr. DorrellThe Inland Revenue will today be making available the clauses which will implement the Chancellor's proposals on capital allowances for machinery and plant. These clauses introduce new rules which will help clarify the boundary between buildings, structures and land on the one hand and plant on the other; and new time limits for giving written notification of qualifying expenditure on machinery and plant for which a capital allowances claim may be made. The Chancellor's intention in bringing forward this legislation is to protect the Exchequer.
The legislation for these measures will be included in the 1994 Finance Bill. I will be placing a copy of the Inland Revenue press release containing the proposed legislation in the Library of the House of Commons.