Autumn Statement 23: Chancellor creates 'new simplified R&D tax relief'

Reduces the rate of loss making company tax

Eve Maddock-Jones
clock • 1 min read

Chancellor of the Exchequer Jeremy Hunt has rolled out measures addressing R&D tax relief as part of the government’s plans to “increase productivity and promote growth”.

Addressing the House of Commons, Hunt said he would create a "new simplified R&D tax relief" combining the existing expenditure credit and small and medium-sized enterprises (SME) schemes. Autumn Statement 23: UK growth forecasts face significant downgrade This would involve a reduction of the rate at which loss-making companies are taxed within the merged scheme, from 25% to 19%, and will lower the threshold for the additional support for R&D intensive loss-making SMEs, which he announced in the Spring Budget, to 30%. The latter, he said would benefit a "further 5,000 SMEs". Th...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on UK

Reeves' fiscal lock legislation deemed 'largely performative'
UK

Reeves' fiscal lock legislation deemed 'largely performative'

IFS analysis

clock 22 July 2024 • 1 min read
UK consumer confidence strengthens in July amid 'paused' view on economy
UK

UK consumer confidence strengthens in July amid 'paused' view on economy

Consumers taking a 'wait and see' approach

clock 19 July 2024 • 1 min read
UK retail sales plunge in June across most sectors after May rebound
UK

UK retail sales plunge in June across most sectors after May rebound

Following 2.9% rise in May

clock 19 July 2024 • 1 min read
Trustpilot