Science and Technology: Tax Allowances
The question
To ask the Secretary of State for Science, Innovation and Technology, what steps he is taking with the Chancellor of the Exchequer to help ensure that tax incentives for science and technology are used to promote innovation.
Answered by Feryal Clark
Research and development (R&D) tax reliefs are vital to economic growth, and will support an estimated £56 billion of business R&D expenditure a year by 2029-30.
In the Corporate Tax Roadmap, the Government committed to strengthening the administration of the reliefs by continuing to improve guidance, establishing an expert advisory panel, and publishing a consultation on widening the use of advance clearances. An R&D disclosure facility was launched at the end of 2024.
HMT is the lead department for taxation policy including R&D tax reliefs. The Secretary of State and the Chancellor of the Exchequer have regular discussions on a range of issues.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →