Philip Hammond delivered his Spring Budget Statement today kicking off his first tax announcement directly addressing the importance of the UK R&D Tax Credits incentive to business and the UK’s worldwide competitiveness
“As I committed at the Autumn Statement, we’ve reviewed, with business, our R&D tax credit regime and concluded that it is globally competitive.
But to make the UK even more attractive for R&D we have accepted industry calls for a reduction in administrative burdens around the scheme and will shortly bring forward measures to deliver them”
– Rt Hon. P Hammond, Chancellor of the Exchequer
Any efforts to reduce the administrative burden and make the R&D tax relief more accessible to companies is welcomed.
We look forward to hearing more about proposed improvements and helping companies make the most of this most generous UK Government tax incentive