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The cost of R&D tax relief

The cost of the UK’s schemes has risen sharply over the past seven years. Both the SME and large company schemes have seen significant cost increases since 2013-14, with the SME scheme increasing from £705 million in 2013-14 to £4.2 billion in 2020-21 (as per provisional figures from HMRC).

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Incentivising Innovation: Reforming R&D Tax Credits

How to reform R&D Tax Credits to incentivise innovation when public finances are stretched.