It was confirmed that the ‘above the line’ credit would be increased from 10% to 11% and the rate of the SME scheme will rise from 225% to 230% from 1 April 2015. The Government has also confirmed that:
- The proposed changes to the consumable legislation to address concerns expressed in consultation by clarifying that the new restriction will not apply where the product of the R&D is transferred as waste, or where it is transferred but no consideration is received.
- The introduction of voluntary advance assurances for smaller businesses making a first claim.
Richard Cunningham of ETC stated that:
“It is clear that an increasing slice of the nations income comes from the high tech sector – so it should not come as a surprise that the Government enhances this valuable relief as each Budget passes by.
“We now see a new opportunity for smaller companies to get their claims pre-approved for three years. This really is excellent news.”