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1656020
star this property registered interest false more like this
star this property date less than 2023-09-01more like thismore than 2023-09-01
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Small Businesses: Tax Allowances remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what steps his Department is taking to support small and medium-sized enterprises that have been waiting longer than HMRC's 40-day target to receive research and development tax credit payments. more like this
star this property tabling member constituency Arfon more like this
star this property tabling member printed
Hywel Williams more like this
star this property uin 195666 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2023-09-11more like thismore than 2023-09-11
star this property answer text <p>Research and Development tax reliefs are a vital driver of innovation, growth and productivity and are crucial to the government’s pledge to grow the economy. It’s important that these reliefs are easy to claim and are provided quickly to genuine claimants.</p><p> </p><p>HMRC does not currently have a delay or backlog and is exceeding performance against its published goal to either pay or make contact regarding the claim for 85% of claims within 40 days.</p> more like this
star this property answering member constituency Louth and Horncastle more like this
star this property answering member printed Victoria Atkins more like this
star this property grouped question UIN
195667 more like this
195806 more like this
195807 more like this
star this property question first answered
less than 2023-09-11T12:53:45.197Zmore like thismore than 2023-09-11T12:53:45.197Z
star this property answering member
4399
star this property label Biography information for Victoria Atkins more like this
star this property tabling member
1397
unstar this property label Biography information for Hywel Williams more like this
1656022
star this property registered interest false more like this
star this property date less than 2023-09-01more like thismore than 2023-09-01
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Small Businesses: Tax Allowances remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what the average processing time was for applications to the small and medium-sized enterprise research and development tax credit scheme in each year since 2020. more like this
star this property tabling member constituency Arfon more like this
star this property tabling member printed
Hywel Williams more like this
star this property uin 195806 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2023-09-11more like thismore than 2023-09-11
star this property answer text <p>Research and Development tax reliefs are a vital driver of innovation, growth and productivity and are crucial to the government’s pledge to grow the economy. It’s important that these reliefs are easy to claim and are provided quickly to genuine claimants.</p><p> </p><p>HMRC does not currently have a delay or backlog and is exceeding performance against its published goal to either pay or make contact regarding the claim for 85% of claims within 40 days.</p> more like this
star this property answering member constituency Louth and Horncastle more like this
star this property answering member printed Victoria Atkins more like this
star this property grouped question UIN
195666 more like this
195667 more like this
195807 more like this
star this property question first answered
less than 2023-09-11T12:53:45.29Zmore like thismore than 2023-09-11T12:53:45.29Z
star this property answering member
4399
star this property label Biography information for Victoria Atkins more like this
star this property tabling member
1397
unstar this property label Biography information for Hywel Williams more like this
1656023
star this property registered interest false more like this
star this property date less than 2023-09-01more like thismore than 2023-09-01
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Small Businesses: Tax Allowances remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, how many and what proportion of claims for the small and medium-sized enterprise research and development tax credits scheme exceeded HMRC’s 40-day processing target in each year since 2020. more like this
star this property tabling member constituency Arfon more like this
star this property tabling member printed
Hywel Williams more like this
star this property uin 195807 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2023-09-11more like thismore than 2023-09-11
star this property answer text <p>Research and Development tax reliefs are a vital driver of innovation, growth and productivity and are crucial to the government’s pledge to grow the economy. It’s important that these reliefs are easy to claim and are provided quickly to genuine claimants.</p><p> </p><p>HMRC does not currently have a delay or backlog and is exceeding performance against its published goal to either pay or make contact regarding the claim for 85% of claims within 40 days.</p> more like this
star this property answering member constituency Louth and Horncastle more like this
star this property answering member printed Victoria Atkins more like this
star this property grouped question UIN
195666 more like this
195667 more like this
195806 more like this
star this property question first answered
less than 2023-09-11T12:53:45.337Zmore like thismore than 2023-09-11T12:53:45.337Z
star this property answering member
4399
star this property label Biography information for Victoria Atkins more like this
star this property tabling member
1397
unstar this property label Biography information for Hywel Williams more like this
1604988
star this property registered interest false more like this
star this property date less than 2023-03-16more like thismore than 2023-03-16
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Small Businesses: Tax Allowances remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, with reference of paragraph 4.51 of the Spring Budget 2023, HC1183, published on 15 March 2023, what estimate his Department has made of how many small and medium-sized enterprises in each region are eligible for additional tax relief for Research and Development intensive small and medium-sized enterprises .. more like this
star this property tabling member constituency Newcastle upon Tyne Central more like this
star this property tabling member printed
Chi Onwurah more like this
star this property uin 167110 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2023-03-21more like thismore than 2023-03-21
star this property answer text <p>The government expects that around 20,000 SMEs per year across the UK will benefit from the additional tax relief for loss-making R&amp;D intensive SMEs that was announced at Spring Budget.</p><p> </p><p>HMRC publish annual statistics on the regional distribution of R&amp;D tax credit claims by the company’s registered address (the registered address may not be where actual R&amp;D activity is carried out) here: <a href="https://www.gov.uk/government/statistics/corporate-tax-research-and-development-tax-credit" target="_blank"><em>https://www.gov.uk/government/statistics/corporate-tax-research-and-development-tax-credit</em></a></p> more like this
star this property answering member constituency Louth and Horncastle more like this
star this property answering member printed Victoria Atkins more like this
star this property question first answered
less than 2023-03-21T16:22:12.997Zmore like thismore than 2023-03-21T16:22:12.997Z
star this property answering member
4399
star this property label Biography information for Victoria Atkins more like this
star this property tabling member
4124
unstar this property label Biography information for Chi Onwurah more like this
1604629
star this property registered interest false more like this
star this property date less than 2023-03-15more like thismore than 2023-03-15
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Small Businesses: Tax Allowances remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, with reference to the Spring Budget, HC 1183, point 4.51, what analysis was undertaken by his Department when determining the qualifying criteria for the additional tax relief for small and medium sized enterprises; on what evidential basis this is estimated to cost (a) £40 million in 2023-24 and (b) £285 million in 2024-25; and if he will make an assessment of the potential impact of this policy on capital investment for small and medium sized enterprises that fall beneath the 40 per cent threshold. more like this
star this property tabling member constituency Newcastle upon Tyne Central more like this
star this property tabling member printed
Chi Onwurah more like this
star this property uin 166214 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2023-03-20more like thismore than 2023-03-20
star this property answer text <p>The Government recognises the value of R&amp;D intensive SMEs to the UK’s wider innovation ecosystem, and at Autumn Statement 2022 committed to working with industry ahead of Budget to understand whether further support is necessary for R&amp;D intensive SMEs.</p><p> </p><p>It is the most R&amp;D intensive loss-making companies that are most affected by the AS22 rate changes, and which the additional tax relief is seeking to target.</p><p> </p><p>The Government has estimated around 20,000 SMEs will benefit from this scheme per year. This estimate and the estimated cost of the measure are based on HMRC administrative data. The costing has been independently certified by the Office for Budget Responsibility and the process to calculate the costing can be found here: <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1142824/Costing_Document_-_Spring_Budget_2023.pdf" target="_blank"><em>https://assets.publishing.service.gov.uk/Government /uploads/system/uploads/attachment_data/file/1142824/Costing_Document_-_Spring_Budget_2023.pdf</em></a></p><p> </p><p>Further detail on the economic impact of the scheme will be published in the tax information and impact note ahead of being legislated for in an upcoming Finance Bill, in the usual way.</p><p> </p><p>The Government will keep the scheme design under review to ensure it is effective and delivering value for money.</p><p> </p>
star this property answering member constituency Louth and Horncastle more like this
star this property answering member printed Victoria Atkins more like this
star this property grouped question UIN 166216 more like this
star this property question first answered
less than 2023-03-20T16:56:48.473Zmore like thismore than 2023-03-20T16:56:48.473Z
star this property answering member
4399
star this property label Biography information for Victoria Atkins more like this
star this property tabling member
4124
unstar this property label Biography information for Chi Onwurah more like this
1580921
star this property registered interest false more like this
star this property date less than 2023-01-25more like thismore than 2023-01-25
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Small Businesses: Tax Allowances remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what representations or feedback he has received from (a) small business community, (b) the science community and (c) the investment community on the changes to R&D tax credit announced in the Autumn Statement 2022. more like this
star this property tabling member constituency Newcastle upon Tyne Central more like this
star this property tabling member printed
Chi Onwurah more like this
star this property uin 132400 more like this
star this property answer
answer
star this property is ministerial correction true more like this
star this property date of answer less than 2023-01-30more like thismore than 2023-01-30
star this property answer text <p>The Chancellor set out at the Autumn Statement that the Government will work with industry ahead of Spring Budget to understand whether and how to provide further support for R&amp;D intensive small and medium enterprises (SMEs), while also considering fiscal sustainability.</p><p> </p><p>The Government will continue to engage with industry in the coming months and any further changes will be set out in detail in the usual way at the Budget.</p><p> </p><p>The Government has launched a consultation on R&amp;D Tax Relief Reform which closes on <ins class="ministerial">1</ins>3<del class="ministerial">0</del><sup>th</sup> March.</p> more like this
star this property answering member constituency Louth and Horncastle more like this
star this property answering member printed Victoria Atkins more like this
star this property question first answered
less than 2023-01-30T17:55:15.003Zmore like thismore than 2023-01-30T17:55:15.003Z
star this property question first ministerially corrected
less than 2023-02-03T10:15:12.803Zmore like thismore than 2023-02-03T10:15:12.803Z
star this property answering member
4399
star this property label Biography information for Victoria Atkins more like this
star this property previous answer version
51416
star this property answering member constituency Louth and Horncastle more like this
star this property answering member printed Victoria Atkins more like this
star this property answering member
4399
star this property label Biography information for Victoria Atkins more like this
star this property tabling member
4124
unstar this property label Biography information for Chi Onwurah more like this
1551804
star this property registered interest false more like this
star this property date less than 2022-12-14more like thismore than 2022-12-14
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Small Businesses: Tax Allowances remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, pursuant to Answer of 5 December to Question 99832 on Small Businesses: Tax Allowances, whether an impact assessment has been made on the introduction of potential restrictions on overseas spending within R&D tax credits on (a) the total investment of UK companies in R&D and (b) the total investment in R&D by international organisations with headquarters outside the UK. more like this
star this property tabling member constituency Newcastle upon Tyne Central more like this
star this property tabling member printed
Chi Onwurah more like this
star this property uin 110682 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2022-12-19more like thismore than 2022-12-19
star this property answer text <p>As part of the ongoing R&amp;D tax reliefs review, the Government is reforming the rates of the R&amp;D tax reliefs. This reform ensures that taxpayers’ money is spent as effectively as possible, improves the competitiveness of the Research and Development Expenditure Credit (RDEC) scheme, and is a step towards a simplified, single RDEC-like scheme for all.</p><p> </p><p>For expenditure on or after 1 April 2023, the RDEC rate will increase from 13 per cent to 20 per cent, the small and medium-sized enterprises (SME) additional deduction will decrease from 130 per cent to 86 per cent, and the SME credit rate will decrease from 14.5 per cent to 10 per cent.</p><p> </p><p>Statistics relating to the R&amp;D tax reliefs, including the distribution of R&amp;D tax credit claims by industry sector, can be found here: <a href="https://www.gov.uk/government/statistics/corporate-tax-research-and-development-tax-credit/research-and-development-tax-credits-statistics-september-2022#industry-sector-analysis" target="_blank"><em>https://www.gov.uk/government/statistics/corporate-tax-research-and-development-tax-credit/research-and-development-tax-credits-statistics-september-2022#industry-sector-analysis</em></a><em>.</em></p><p> </p><p>The SME scheme costs twice as much as RDEC, and its cash value to loss-making firms is three times that of RDEC. Yet HMRC estimate that the RDEC scheme incentivises £2.40 to £2.70 of additional R&amp;D for every £1 of public money spent, whereas the SME scheme incentivises £0.60 to £1.28 of additional R&amp;D.</p><p> </p><p>The UK provides a generous offer of support for R&amp;D investment, and this will continue to increase, with R&amp;D expenditure via tax reliefs estimated to increase from £37.2bn in 2020-21 to around £60bn by the end of the scorecard period, 2027-28, and direct funding for R&amp;D will reach £20bn a year by 2024-25. The reform to the rates is estimated to leave the level of R&amp;D related business investment in the economy unchanged.</p><p> </p><p>Ahead of Budget the Government is working with industry to understand whether further support is necessary for R&amp;D intensive SMEs, without significant change to the overall cost envelope for supporting R&amp;D.</p><p> </p><p>The Government is committed to refocussing the R&amp;D reliefs towards innovation in the UK. At Autumn Budget 2021, the Government set out its intention to more effectively capture the benefits of R&amp;D funded by the reliefs through refocusing support towards innovation in the UK. The Government will allow for some narrow exemptions where it is in some way unavoidable for the R&amp;D activity to undertaken overseas.</p>
star this property answering member constituency Louth and Horncastle more like this
star this property answering member printed Victoria Atkins more like this
star this property grouped question UIN
110693 more like this
110694 more like this
110697 more like this
star this property question first answered
less than 2022-12-19T15:34:46.03Zmore like thismore than 2022-12-19T15:34:46.03Z
star this property answering member
4399
star this property label Biography information for Victoria Atkins more like this
star this property tabling member
4124
unstar this property label Biography information for Chi Onwurah more like this
1551834
star this property registered interest false more like this
star this property date less than 2022-12-14more like thismore than 2022-12-14
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Small Businesses: Tax Allowances remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what discussions he has had with small business organisations on the impact on start ups and scale ups of the changes to Research and Development tax credits. more like this
star this property tabling member constituency Newcastle upon Tyne Central more like this
star this property tabling member printed
Chi Onwurah more like this
star this property uin 110693 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2022-12-19more like thismore than 2022-12-19
star this property answer text <p>As part of the ongoing R&amp;D tax reliefs review, the Government is reforming the rates of the R&amp;D tax reliefs. This reform ensures that taxpayers’ money is spent as effectively as possible, improves the competitiveness of the Research and Development Expenditure Credit (RDEC) scheme, and is a step towards a simplified, single RDEC-like scheme for all.</p><p> </p><p>For expenditure on or after 1 April 2023, the RDEC rate will increase from 13 per cent to 20 per cent, the small and medium-sized enterprises (SME) additional deduction will decrease from 130 per cent to 86 per cent, and the SME credit rate will decrease from 14.5 per cent to 10 per cent.</p><p> </p><p>Statistics relating to the R&amp;D tax reliefs, including the distribution of R&amp;D tax credit claims by industry sector, can be found here: <a href="https://www.gov.uk/government/statistics/corporate-tax-research-and-development-tax-credit/research-and-development-tax-credits-statistics-september-2022#industry-sector-analysis" target="_blank"><em>https://www.gov.uk/government/statistics/corporate-tax-research-and-development-tax-credit/research-and-development-tax-credits-statistics-september-2022#industry-sector-analysis</em></a><em>.</em></p><p> </p><p>The SME scheme costs twice as much as RDEC, and its cash value to loss-making firms is three times that of RDEC. Yet HMRC estimate that the RDEC scheme incentivises £2.40 to £2.70 of additional R&amp;D for every £1 of public money spent, whereas the SME scheme incentivises £0.60 to £1.28 of additional R&amp;D.</p><p> </p><p>The UK provides a generous offer of support for R&amp;D investment, and this will continue to increase, with R&amp;D expenditure via tax reliefs estimated to increase from £37.2bn in 2020-21 to around £60bn by the end of the scorecard period, 2027-28, and direct funding for R&amp;D will reach £20bn a year by 2024-25. The reform to the rates is estimated to leave the level of R&amp;D related business investment in the economy unchanged.</p><p> </p><p>Ahead of Budget the Government is working with industry to understand whether further support is necessary for R&amp;D intensive SMEs, without significant change to the overall cost envelope for supporting R&amp;D.</p><p> </p><p>The Government is committed to refocussing the R&amp;D reliefs towards innovation in the UK. At Autumn Budget 2021, the Government set out its intention to more effectively capture the benefits of R&amp;D funded by the reliefs through refocusing support towards innovation in the UK. The Government will allow for some narrow exemptions where it is in some way unavoidable for the R&amp;D activity to undertaken overseas.</p>
star this property answering member constituency Louth and Horncastle more like this
star this property answering member printed Victoria Atkins more like this
star this property grouped question UIN
110682 more like this
110694 more like this
110697 more like this
star this property question first answered
less than 2022-12-19T15:34:45.983Zmore like thismore than 2022-12-19T15:34:45.983Z
star this property answering member
4399
star this property label Biography information for Victoria Atkins more like this
star this property tabling member
4124
unstar this property label Biography information for Chi Onwurah more like this
1547424
star this property registered interest false more like this
star this property date less than 2022-12-01more like thismore than 2022-12-01
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Small Businesses: Tax Allowances remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, for what reasons the additional tax deduction for research and development costs for small and medium enterprises will be cut from 130 to 86 per cent. more like this
star this property tabling member constituency Hornsey and Wood Green more like this
star this property tabling member printed
Catherine West more like this
star this property uin 101036 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2022-12-12more like thismore than 2022-12-12
star this property answer text <p>As part of the ongoing R&amp;D tax reliefs review, as announced at the Autumn Statement, the Government is reforming the R&amp;D tax reliefs to ensure taxpayers’ money is spent as effectively as possible, to improve the competitiveness of the RDEC scheme, and take a step towards a simplified, single RDEC-like scheme for all.</p><p> </p><p>The SME scheme costs twice as much as RDEC, and its cash value to firm is three times that of RDEC - yet it incentivises as little as 60p of additional R&amp;D for each £1 spent, compared to as much as £2.70 additional R&amp;D per £1 of RDEC. In addition, following the corporation tax rise from April 2023, the SME scheme would have become even more generous in cash terms and the Research and Development Expenditure Credit less.</p><p> </p><p>There is significant error and fraud in the small and medium-sized enterprises (SME) scheme, with the generosity of the relief making it a target for fraud. By contrast, the separate R&amp;D expenditure credit is better value but has a rate that is less internationally competitive.</p><p> </p><p>Following these changes support for R&amp;D investment will continue to increase, with R&amp;D expenditure from businesses via tax credits estimated to increase from £37.2 billion in 2020-21 to around £60 billion by the end of the scorecard period, 2027-28. In addition, direct funding for R&amp;D will reach £20 billion a year by 2024/25. From 2021-22 to 2024-25, this represents a 54 per cent cash increase in Innovate UK’s budgets and 70 per cent of Innovate UK’s grants to businesses go to SMEs.</p><p> </p><p>The Government will consult on the design of a single scheme, and ahead of Budget work with industry to understand whether further support is necessary for R&amp;D intensive SMEs, without significant change to the overall cost for supporting R&amp;D.</p><p> </p>
star this property answering member constituency Louth and Horncastle more like this
star this property answering member printed Victoria Atkins more like this
star this property grouped question UIN 101037 more like this
star this property question first answered
less than 2022-12-12T14:45:44.023Zmore like thismore than 2022-12-12T14:45:44.023Z
star this property answering member
4399
star this property label Biography information for Victoria Atkins more like this
star this property tabling member
4523
unstar this property label Biography information for Catherine West more like this
1547425
star this property registered interest false more like this
star this property date less than 2022-12-01more like thismore than 2022-12-01
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Small Businesses: Tax Allowances remove filter
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what assessment he has made of the impact of the additional tax deduction for R&D costs for small and medium-enterprises on those organisation's ability to (a) recruit and retain staff and (b) maintain technological equipment. more like this
star this property tabling member constituency Hornsey and Wood Green more like this
star this property tabling member printed
Catherine West more like this
star this property uin 101037 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2022-12-12more like thismore than 2022-12-12
star this property answer text <p>As part of the ongoing R&amp;D tax reliefs review, as announced at the Autumn Statement, the Government is reforming the R&amp;D tax reliefs to ensure taxpayers’ money is spent as effectively as possible, to improve the competitiveness of the RDEC scheme, and take a step towards a simplified, single RDEC-like scheme for all.</p><p> </p><p>The SME scheme costs twice as much as RDEC, and its cash value to firm is three times that of RDEC - yet it incentivises as little as 60p of additional R&amp;D for each £1 spent, compared to as much as £2.70 additional R&amp;D per £1 of RDEC. In addition, following the corporation tax rise from April 2023, the SME scheme would have become even more generous in cash terms and the Research and Development Expenditure Credit less.</p><p> </p><p>There is significant error and fraud in the small and medium-sized enterprises (SME) scheme, with the generosity of the relief making it a target for fraud. By contrast, the separate R&amp;D expenditure credit is better value but has a rate that is less internationally competitive.</p><p> </p><p>Following these changes support for R&amp;D investment will continue to increase, with R&amp;D expenditure from businesses via tax credits estimated to increase from £37.2 billion in 2020-21 to around £60 billion by the end of the scorecard period, 2027-28. In addition, direct funding for R&amp;D will reach £20 billion a year by 2024/25. From 2021-22 to 2024-25, this represents a 54 per cent cash increase in Innovate UK’s budgets and 70 per cent of Innovate UK’s grants to businesses go to SMEs.</p><p> </p><p>The Government will consult on the design of a single scheme, and ahead of Budget work with industry to understand whether further support is necessary for R&amp;D intensive SMEs, without significant change to the overall cost for supporting R&amp;D.</p><p> </p>
star this property answering member constituency Louth and Horncastle more like this
star this property answering member printed Victoria Atkins more like this
star this property grouped question UIN 101036 more like this
star this property question first answered
less than 2022-12-12T14:45:43.977Zmore like thismore than 2022-12-12T14:45:43.977Z
star this property answering member
4399
star this property label Biography information for Victoria Atkins more like this
star this property tabling member
4523
unstar this property label Biography information for Catherine West more like this