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PwC comments on modernisation of R&D tax credits scheme

23 Mar 2022

Commenting on the announcement of changes to the R&D tax credit scheme as well as other business support, PwC Partner Suzi Woolfson said:

At a time when they’re struggling with energy bills, the cut in business rates for those in hospitality, leisure and retail will be welcomed and small businesses will benefit further with the Employment Allowance increase.

There’s significant potential in the plans to modernise the R&D tax credits scheme, but they could go further. The immediate inclusion of pure maths-related research will help, alongside the expansion for cloud and data expenditure. And in the Autumn we could see a move to simplify it as well, creating a one-size-fits-all scheme to reduce complications and encourage uptake. With the need to inspire UK businesses to invest in innovation and reduce the productivity gap, this is an important area of focus.

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