The UK will become an “innovation wasteland” if the government pushes ahead with plans to slash research and development (R&D) tax relief, the Federation of Small Businesses (FSB) has warned.

The UK’s largest business group urged ministers today to reverse plans to gut the R&D tax relief scheme, announced by Chancellor Jeremy Hunt in November, claiming that the plans would spark a mass withdrawal of the UK’s small firms from innovation projects.

The Treasury hit back at criticism saying it recognises R&D’s “hugely important” role while inciting the tax relief review will “ensure taxpayer’s money is spent as effectively as possible”.

Start-ups and smaller firms reaped the benefits of the UK’s R&D system which offered rebates on innovation spending. However, Hunt announced plans to scale back the rebate to reduce fraud while offering more credits to bigger companies.

Click here to read the full article 

GET IN TOUCH!


  MAIL US
enquiries@growthinvest.com

  CALL US
020 7071 3945

FOLLOW US ON


Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.