Help Small Business Innovation!: Says New Report
The Institute for Public Policy Research (IPPR) is due to publish a report this week challenging the £2 billion tax relief that rewards big businesses for innovation and research.
13th November 2017
The new report criticizes the funding of large companies that do not require government help, while ignoring younger companies that could put the money towards innovation. IPPR suggests this money could go towards so called “catapult centres” around the UK.
The R&D tax credit, Patent Box scheme, allows companies to apply a lower rate of corporation tax to profits from patented inventions.
The Institute believes this tax credit should only be available to small businesses with a corporate life of five years, claiming this would save the government around £3.5 billion by the year 2021.
Michael Jacobs, co-author of the report and director of the IPPR, insists the government considers these “wasted subsidies again”, and stops rewarding companies for doing innovation that would have been undertaken in any case.
The Confederation of British Industry (CBI) further pushes for innovation, fearing the effects of our current ‘make do and mend’ approach. Tom Thackray, director for innovation at CBI insists that all businesses need to boast up-to-date technology or will miss out on any “transformational technology” later.
The institute hopes to influence the government as it prepares to reveal its industrial strategy this month.
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