HL Deb 26 March 2002 vol 633 c39WA
Lord Berkeley

asked Her Majesty's Government:

Whether they will give further details on measures for business in relation to the Pre-Budget Report in November 2001. [HL3549]

Lord McIntosh of Haringey

As announced in the Pre-Budget Report in November 2001 and following consultation with business, the new corporation tax regime for substantial shareholdings will apply for disposals on or after 1 April 2002; the new corporation tax regime for intangible assets will also apply with effect from 1 April 2002.

In addition, the Government are also proceeding with the new tax credit to encourage research and development by large companies which will apply from 1 April 2002. The credit will follow a simple volume based approach, final details of which will be announced in the Budget.

Technical details of these measures will be published today and will be available to Peers from the Printed Paper Office.