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Business groups welcome R&D tax reform

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

Autumn statement: Industry hopes merger of schemes designed to encourage research spending will boost innovation

Business groups have welcomed the latest detail on government plans to overhaul R&D tax credits, saying they will especially help small and medium-sized enterprises spend money on research.

Chancellor Jeremy Hunt announced in his autumn statement on 22 November that the R&D Expenditure Credit (RDEC) and SME R&D relief would be combined into one scheme from 1 April. The Treasury said this would “simplify and improve the system, helping to drive innovation in the UK”.

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