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Today was budget day, always a fun watch in the house of commons, often with a few concessions to Science and Technology businesses, most recently in terms of R&D tax relief and the Patent Box.
Today gave very little mention to these two tax reliefs, the only point being some clarification of the rules announced at the last Autumn Statement in relation to consumables and how these rules interact with selling prototypes. We have still have the latest increase of R&D tax rates to come into effect on 1 April 2015 which is the increase in the SME rate of super deduction to 230% (a fantastic saving of £26 for every £100 spent on qualifying R&D).
There was however some really interesting announcements from the government in respect of science and technology companies.
•The automotive industry is to receive £100 million investment “to stay ahead in the race for driverless cars”
•There is a £60 million investment in a new Energy Research Accelerator
•George Osbourne stated that future economic success depends on future scientific success and pledged further financial support for PhD’s and research based masters, alongside the previous financial support for post graduates announced at the Autumn Statement
•The government is also committing £140 million to world class research across the UK in the infrastructure and cities of the future
•The government is also making a great deal of its future investment in the Internet of Things, they didn’t give a lot of background on this point, but it will be interesting to see how it develops.
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