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Flee the BERD cage
Key points
- A clear target for research and development is essential.
- The methodology underpinning key data used in its calculation has been shown to be flawed.
- The ONS figure has been increased by around £16bn bringing it more closely into line with HMRC’s statistics.
- There should be more focus on educating businesses on how to access reliefs.
Research and development (R&D) has long been recognised as a vital focus for governments seeking to tackle the challenge of increasing productivity with R&D tax relief a key lever in the toolkit to incentivise private sector investment. While the impact of the recently announced changes to the rates of relief for R&D tax will not be known for some time if Rishi Sunak’s approach as chancellor is anything to go by the prime minister will champion the key role of innovation as a driver of growth which he did as recently as...
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