R&D announcement contradicting main thrust of Autumn Budget

The Chancellor, Philip Hammond, announced a further £2.3bn in investment in R&D as well as an increase in the main R&D Tax Credit to 12% (from 11%).

“What about our SMEs and Scale-ups?” asks Rebecca Combes, head of business tax at the South Coast office of Smith & Williamson, the accountancy, investment management and tax group.

“The Chancellor has increased the Research and Development tax credit [RDEC] credit by 1% but has left the SME rate the same. “Whilst the existing scheme for SMEs is still more valuable, limiting the increase to R&D tax credits for the large company scheme sends a mixed message to British businesses.? The R&D tax credits is a popular relief which is promoting investment and creating jobs.  Why should only big business benefit when it’s our smaller businesses we need to be supporting?”


This site uses cookies to offer you a better browsing experience. By browsing this website, you agree to our use of cookies.