Budget 2017 – R&D tax relief is safe!

Research & Development Tax Relief is Safe!

Many businesses have been concerned that the economic impact of Brexit might have a detrimental effect on the enhanced tax relief and tax credits currently available for R&D expenditure.  The fact that the government were conducting a review was regarded by many as an indication that they might be considering cutting the benefits.

In his budget speech however,  Mr Hammond told us that the review had confirmed that the UK system of R&D tax credits is globally competitive.  He promised a reduction in the administrative burdens of the scheme to increase certainty and simplicity around claims and further action to improve awareness of the scheme among small and medium sized enterprises.