The 2020 Budget was released on March 12th, 2020 with many facts and figures covered on research and innovation. Braithwaite would like to take the time to highlight some of the important changes that will be affecting your business through innovation and growth. Some of the changes are:
- An increase of public investment in R&D to £22 billion per year by 2024-2025.
- Research & Development Expenditure Credit known as RDEC will increase from 12% to 13% as of April 1st, 2020
- A major change coming to R&D is by broadening the definition of qualifying expenditures. So far confirmed is the inclusion of data and cloud computing.
- Investing in the whiskey industry by budgeting £10 million to help decarbonise UK distilleries
Source: Gov.uk Policy paper Budget 2020, Updated 12 March 2020 https://www.gov.uk/government/publications/budget-2020-documents/budget-2020
For more information and changes on the Research & Development Tax Reliefs, please contact Braithwaite UK today.