§ Tony BaldryTo ask the Chancellor of the Exchequer (1) if the 50 per cent. tax credit on research and development into vaccines and medicines for the prevention of malaria, TB and some strains of AIDS in poorer countries will apply to(a) current and (b) future research and development; [53340]
(2) when the tax credit on research and development into vaccines and medicines for the prevention treatment of malaria, TB and some strains of AIDS in poorer countries announced in the Budget will be implemented; [53341]
(3) if his Department will outline new criteria to entitle companies to claim the research and development tax credit with vaccines and medicines for the prevention treatment of malaria, TB and some strains of AIDS in poorer countries announced in the Budget. [53342]
§ Mr. BoatengFinance Bill 2002 will introduce a new tax credit to encourage research and development into vaccines and medicines for the prevention of TB, malaria and for the prevention of the onset or treatment of AIDS for those strains of HIV most commonly found 735W in the developing world. (Research and development expenditure on vaccines for the prevention of HIV infection will also be eligible for this relief.) Companies will be entitled to deduct an additional 50 per cent. of qualifying current expenditure incurred on or after a date specified by an order to be made by the Treasury.