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Research and development tax relief

Sarah Goodman discusses the changes to the R&D tax relief for SMEs announced in the Budget 2018.

The government has a stated ambition within its industrial strategy to make the UK the destination of choice for innovative and high-tech industries. To achieve this they have committed to offering generous and competitive support in the form of innovation grants, research and development (R&D) tax incentives, and a reduction in the effective corporation tax rate on profits generated from patented intellectual property.

The recent Budget announcements regarding the proposed changes to the repayment of R&D tax credits for small and medium-sized enterprises (SMEs) signals the Treasury’s intention to ensure that R&D support remains targeted at those businesses creating jobs and innovative activity in the UK.

This is an extract from the Business & Management Magazine, Issue 270, December/January 2018.

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