UK chancellor Jeremy Hunt said the government plans to introduce tax incentives for UK-based small and medium-sized businesses (SMBs) as part of a broader set of plans to boost the UK's technology sector.
Delivering the government's 2023 Spring Statement to the House of Commons on Wednesday, Hunt said the incentives will include an ‘enhanced’ tax relief credit for SMBs.
The move will see qualifying firms that spend 40% or more of their total expenditure on R&D being able to claim a credit worth £27 on every £100 spent.
