IoD issues plea on R&D tax credits In a letter to Jeremy Hunt, Jonathan Geldart, director general of the Institute of Directors, urged the Chancellor "in the strongest possible terms" to reverse planned cuts to the SME tax credit scheme for R&D and to also “to resist the introduction of a lower threshold to any future claims.” He said: "We are very concerned the changes announced in the Autumn Statement will lead to less innovation in the very near future." R and D tax credits are vital to the motorsport sector.