Tax credit for research
3 May 2000
In the March Budget, the chancellor, Gordon Brown, announced a new research and development tax credit for small and medium sized businesses. The new R&D tax measure forms part of the government's strategy to stimulate enterprise and innovation. The Department of Trade and Industry has also published new guidelines on R&D for all businesses to ascertain tax uncertainties.
The tax credit follows a consultation on innovation launched in the 1998 budget and two subsequent consultations on the definition of R&D. The guidelines have been produced with support of the Inland Revenue.
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