Labour’s promise to abolish R&D tax credits sparks debate

Some call manifesto pledge to phase out tax relief for large corporations ‘brave’, others ‘damaging’

The Labour party’s plans to phase out R&D and patent tax credits for large corporations have been greeted with scepticism by some in the research sector.

In a controversial move ahead of the election, the party revealed in its manifesto that it planned to “phase out R&D tax credits for large corporations and the Patent Box”.