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UK firms expect new R&D help after controversial cut to tax relief

Image: HM Treasury [CC BY-NC-ND 2.0], via Flickr

Chancellor has committed to working with industry to develop support SMEs need, trade body says

Chancellor Jeremy Hunt is considering “further support” for innovative small businesses after a backlash over his plans to cut R&D tax relief, according to a major industry group.

Hunt announced the controversial plans to cut the deduction rate for small and medium-sized enterprises using the scheme in his autumn statement last November. The scheme works by reducing innovative businesses’ liability to corporation tax, or through making a direct payment to a company.

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