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.