BusinessCompany NewsBUDGET 2002: £400m R&D tax boost for UK businesses

BUDGET 2002: £400m R&D tax boost for UK businesses

UK businesses are to get tax credits worth £400m to boost spending on research and development.

UK businesses are to get tax credits worth £400m to boost spending on research and development.It is hoped the measure will improve the innovation and competitiveness of the UK in an increasingly tough market.In line with his pre-budget statement, the Chancellor said the tax credits will be available to 1,500 businesses collectively spending over £11bn a year on R&D. It is an extension of a scheme introduced for small and medium sized firms in 2000.

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