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

Reduces the rate of loss making company tax

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...