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Mr Osbourne said “To be Europe’s technology centre we also need to have the best infrastructure,”. He claimed modern ultrafast broadband services were key to Britain’s “modern industrial policy”.
This announcement came on top of the already announced increase to 225% for R&D Tax Credit relief for SME’s from 1st April 2012 and the launch of the Patent Box in April 2013.
The reduction in the main rate of corporation tax to 24% effective from the 6th April 2012 was a welcome surprise and will reduce by 1% for the next two years to a highly competitive rate of 22%.
“Do we have the national resolve to say, ‘no, we will not be left behind, we want to be out in front’?” the chancellor asked, as he announced a government target to double exports to £1tn.
Myriad Associates, specialist in R&D Tax Credit claims welcomes Mr Osbourne’s strategy to make the UK the innovation hub of Europe. We at Myriad firmly believe that the UK is becoming a very attractive proposition for inward investment. Britain has a great reputation throughout the world for manufacturing great high-class products. Our Automotive sector is booming on the export front and the incentives now available by way of R&D Tax Credits, 24% Corporation Tax and the forthcoming Patent Box significantly encourages further investment.