Spring Budget supports R&D tax relief

Posted on Wednesday 11 March 2020 by GovGrant

The chancellor stands firm on the government’s commitment to R&D tax relief. The government have announced sweeping measures to turbocharge the UK economy and commitment to R&D was underlined with a massive £22bn investment.

The budget highlights for R&D were:

  • Increase RDEC rate from 12% to 13%
  • R&D support for distilleries to go green
  • £22bn increase to R&D spends – spending review will cover the details
  • £800m set up of an ARPA styled model
  • £400m university support outside of London and the South East
  • £4,000 NI allowance will have a small negative impact on R&D claims

As a member of both the HMRC consultative committee and the CBI R&D working group, we will continue to be part of policymaking and continue to drive improvements to the R&D tax environment.

GovGrant has successfully submitted over 7,000 R&D tax claims with a 100% success rate. If you currently benefit or would like to know more on how you could benefit, contact us now.

Read more about how R&D tax relief can support your business.

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