2 December 2005
Supporting growth in innovation: next steps for the R&D tax credit
As part of its 10-year Science and Innovation Investment Framework the Government has an ambitious goal of raising UK R&D activity to 2.5 per cent of GDP by 2014, from the current level of 1.9 per cent. The R&D tax credit is an important part of the Government’s strategy to achieve the growth in business R&D that meeting this target will require. The Government therefore published in July a discussion paper, Supporting growth in innovation: enhancing the R&D tax credit to ask whether the administration of the scheme could be improved to ensure that companies are able to access the full benefit of the R&D tax credit, and to begin a dialogue as to how best the R&D tax credit can be enhanced to encourage the growth of innovative firms. This paper summarises the responses to that discussion, and sets out the Government’s intentions for the R&D tax credit going forward.
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