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Jeremy Hunt announces tax credit boost for R&D-intensive firms

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

Budget 2023: Chancellor also unveils funding for AI research and university investment zones

Chancellor Jeremy Hunt has unveiled plans to boost tax credits for R&D-intensive small businesses as part of plans to make the UK “a science and technology superpower”, following a backlash over plans to slash the popular form of tax relief.

Delivering his spring budget on 15 March, Hunt said he would introduce an “enhanced credit”, which means if a qualifying small-or-medium-sized business spends 40 per cent or more of their total expenditure on R&D they will be able to claim a credit worth £27 for every £100 they spend.

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