Autumn Statement 23: Chancellor creates 'new simplified R&D tax relief'
Addressing the House of Commons with his second Statement as chancellor, Hunt said he would create a “new simplified R&D tax relief”.: Copyright HM Treasury
Addressing the House of Commons, Hunt said he would create a «new simplified R&D tax relief» combining the existing expenditure credit and small and medium-sized enterprises (SME) schemes.
This would involve a reduction of the rate at which loss-making companies are taxed within the merged scheme, from 25% to 19%, and will lower the threshold for the additional support for R&D intensive loss-making SMEs, which he announced in the Spring Budget, to 30%.
The latter, he said would benefit a «further 5,000 SMEs».
The chancellor said he would provide an additional £5m to Imperial College and Imperial College Healthcare NHS Trust to set up a Fleming Centre.
Hunt pressed the government's focus to make the UK an «AI powerhouse» and «targeted investments» for advanced manufacturing sectors.
He also addressed the £4.5bn of support being made available from 2025 to 2030 for strategic manufacturing industries, including aviation and the automotive sector, which the Treasury announced earlier this week.
In parliament today (22 November) Hunt said: «These targeted investments will ensure the UK remains competitive in sectors where we are already leaders and innovative in areas we are not.»
Autumn Statement 23: UK growth forecasts face significant downgrade
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