The eagerly anticipated Chancellor’s Autumn Statement, that was delivered in the House of Commons on Wednesday 25th November, made no changes at all to R&D Tax Credits.
This potentially very lucrative and worthwhile relief is still available to both SME’s and indeed larger companies, but surprisingly less than 2% of the SME’s who could potentially claim do in fact do so. As a sector, motorsport spends three times the amount on R&D that the pharmaceutical sector does. Perhaps motorsport businesses are happy paying more tax than they need to after all?