79. Mr. W. T. Williamsasked the President of the Board of Trade what rules he has laid down for the administration of investment grants in circumstances where the firm which undertook the capital expenditure has been absorbed in a merger before an application for grant in respect of a qualifying process has been dealt with by his Department.
§ Mr. DellInvestment grants can be paid only to a firm which has incurred capital expenditure in providing a new asset. If such a firm is absorbed in a286W merger it is usually possible for the Board to make grants to it while it remains in existence as a legal person, provided the new owner of the asset is willing to undertake to use it as required by the provisions under which grant is made. However, once the firm that originally incurred the expenditure has ceased to exist, there is no other person to whom under the Industrial Development Act a grant can be made. If my hon. Friend has a particular case in mind I shall be happy to look into it.