At a cost of 150millon a year, this targeted tax cut will underwrite almost one third of research and development costs for small business. Britain now has one of the best incentives for innovation anywhere in the industrialised world.
Scientific innovation is a prime catalyst of growth.
And I want a winner's circle of innovation - inventions that are then developed in Britain and manufactured in Britain, creating growth and jobs in Britain . Smaller companies are the least well able to sustain this necessary investment over long periods of time, and do not necessarily have access to funding. I NIC paid by the companies for the accounting period of the claim. They have been given statutory force. In practice, the new definition does not change the range of activities that have qualified as scientific research.