SMEs land R&D tax boost
Government pledges more funds towards R&D tax credits
R&D tax credits will be boosted by £80m, exchequer secretary to the
Treasury Angela Eagle has announced.
The total tax relief available to business will now hit £300m a year.
‘By increasing the value of the SME scheme by a third, we are showing our
continued commitment to helping innovative UK companies invest to grow,’ said
Eagle.
To enable companies to claim the additional tax relief, the rate available
for qualifying small and medium-sized enterprises (SMEs) investing in R&D
will increase from 150% to 175% of their investment.
The size of company that can qualify for tax relief will also increase, from
250 employees to up to 500 employees, with the associated limits on balance
sheet value and turnover also doubling.
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