[Metrobeans]

B443 - Research Bill 2012 - stanlas, TSR Labour, TSR Government

Research Bill - stanlas, Labour, TSR Government
An Act designed to increase both government and private investment into research and development which will help forge the technologies of the future.

BE IT ENACTED by The Queen's most Excellent Majesty, by and with the advice and consent of the Commons in this present Parliament assembled, in accordance with the provisions of the Parliament Acts 1911 and 1949, and by the authority of the same, as follows:-

1. Research and Development
(1) The ‘Research and Development Relief for Corporation Tax’ for SMEs (as defined by CIRD91000) shall rise from 225 percent to 260 percent.
(2) The ‘Research and Development Relief for Corporation Tax’ for ‘Large Companies’ (defined as any company which is not classified as an SME by CIRD91000) shall rise from 130 percent to 200 percent.

2. Increase in government spending on R&D

(1) The annual central government budget for science and reaserch shall rise by £1 billion each year, until it reaches £7 billion.

3. Commencement, short title and extent

(1) This Act may be cited as the Reaserch Act 2012
(2) This bill shall extend to the United Kingdom; and
(3) Shall come into force 1st April 2013, following Royal Assent.

Notes

Currently, government science spending is £4.6 billion per annum[1]. An increase to £7 billion would be an increase of £2.4 billion from central government. The qualitative and quantitative effects of increasing R&D tax credits is well-noted[2]. The average estimate places a £2 increase in GDP per £1 increase in tax allowance (a 1.945 elasticity). The increase in R&D tax relief is esitmated to cost slightly over 1 billion pounds (of which 700 million will go to large companies, 300 million to SMEs)

[StatusRed]

Doesn't include anything I suggested adding. Abstain.

[Moleman1996]

Aye, I think research is one of the few thigns the government should seek to spend a lot on.

[tufc]

Nay. £7bn a year on research is too much, for me.

[RoryS]

Aye

[Metrobeans]

The aye's have it! The aye's have it!