The UK government’s Industrial Strategy has committed to increase investment in research and development (R&D) in the UK to 2.4% of GDP by 2027, with a longer-term goal of 3%. Delivering this will need significant increases in investment from both public and private sources.
The government has committed to increase public investment with an additional £7 billion over a five year period. This direct investment alongside various other measures such as the R&D tax credits scheme can be used to encourage and stimulate further investment by businesses.
This briefing from the four national academies outlines how current tax relief for R&D is offered under R&D tax credits.