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Increasing innovation is a significant factor in improved productivity. Research and Development (‘R&D’) tax credits were introduced for small and medium-sized companies in 2000 and for large companies in 2002, to help boost business R&D investment and innovation.
The definition of R&D which is used for tax purposes was also introduced in 2000. It was acknowledged at the time that the Government would wish to review the wording of the definition, once businesses had some experience of claiming the credits. The Chancellor announced in Budget 2003 that a consultation would be undertaken, to ensure the definition was technologically consistent and internationally competitive.
The consultation closes on 10 October 2003.
The consultation document is available below in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website.
For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.