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15.03.2023

Support for technology - The Budget

poster-image
WP Thompson Trademark & Patent Attorney

Support for technology - The Budget

The 2023 Spring Budget saw several exciting announcements for technology companies, which go some way to soften the cuts in R & D tax credits for SME’s announced in the autumn including: -

  • A new package of support for R&D intensive businesses worth £500million,  which will help 20,000 SME businesses from 1 April 2023. For these loss making business the tax credit will be 27pence in the pound rather than the normal 18.6pence if R&D expenditure exceeds 40% of total expenditure.
  • A £1M prize for each of the next 10 years for the most ground breaking AI research to be called the Manchester Prize in recognition of the University of Manchester’s  pioneering work 75 years ago in building the world’s first stored programme computer.
  • £900m for an AI research resource and an exascale computer to keep the UK at the forefront of development
  • A commitment of £2.5Billion  over 10 years to Quantum research and innovation through the Government’s new Quantum Strategy.
  • R&D tax credit qualifying expenditure will be extended from 1 April 2023 to include the cost of datasets and cloud computing.
  • tax
  • Patent
  • Budget
  • R&D
  • R&D Funding
poster-image
WP Thompson Trademark & Patent Attorney

Stuart represents clients in the chemical field, with particular experience in pharmaceuticals, transdermal patches, medical devices, industrial chemistry, chemical engineering, vaccines, coatings…
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