Image: HM Treasury [CC BY-NC-ND 2.0], via Flickr
Abuse of generous R&D tax relief may persuade new chancellor to shrink it
The UK’s generous tax credits for R&D activity could be shrunk by the new chancellor, Jeremy Hunt, according to a national newspaper investigation ahead of the autumn financial statement.
The R&D tax credit schemes are popular in the UK and “key to Britain’s industrial policy”, but they are also considered “free money” by some firms and “easy for companies to abuse”, according to a 29 October report in the Times newspaper.
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