Accounting Web: Budget 2018: R&D tax credit cap returns from the dead

Date: November 1, 2018

Chancellor Philip Hammond delivered a mixed Budget day package on support for research and development.

On the one hand, proclaiming the government’s commitment to raise total R&D investment to 2.4% of GDP by 2027 the Budget report touted an extra £1.6bn for its modern industrial strategy. Even the fishing industry got in on the act, with the Chancellor promising £12m during his speech for “cutting-edge technology” to support monitoring and safety.

But following along later was a little sting in the shape of a PAYE restriction on those making R&D tax credit claims.

R&D tax credits resulted in £1.8bn worth of claims in 2016-17, up significantly from the £350m claimed in 2010.

Read more here.

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