As the UK Chancellor Philip Hammond gave his autumn budget speech today, it looked as though tech companies are in for some largesse.
Partner and Head of Global Mobility Tax Services at Blick Rothenberg Mark Abbs said: “A long term vision and strategy to put the UK at the forefront of global digital innovation is absolutely critical for the long term welfare of the country. It is even more critical however that we continue to properly invest and support the digital sector and innovation is not treated by the Government as short term attention grabbing headlines.”
The firm’s Partner and Head of Corporate Tax Genevieve Moore said: “Welcome announcement on increasing R&D tax credits. This shows the Government continues to be committed to encouraging innovation in Britain.
“Enterprise Investment Scheme (EIS) tax relief to be increased to support investment in knowledge intensive companies is a positive step and part of a package of announcements to increase investment in technology and innovation. A Budget encouraging technology and growth for Great Britain.
“Increase in the EIS investment limits for knowledge intensive companies is welcome news. As ever, the devil will be in the detail but properly targeted, this could encourage private investment in innovation,” said Helena Kanczula, Corporate Tax Director.
And partner Frank Nash said: “The Chancellor is keen to promote investment in the ‘super large’ rail projects. Those plans must include adequate car parks equipped with electric charge points, to support the new technology.
Also, on the R&D question (the government is allocating a further £2.3bn in investment in research development and will increase the tax credit on R&D to 12%), Dominic Keen from Britbots, an organisation that supports UK-based robotics businesses, said: “the Chancellor’s additional support of innovation within sectors such as electric vehicles and AI today is welcome news indeed. AI will be a key element of the robotics sector, and this country is home to some world-class robotics technologies and this government backing will mean that robots can become job-makers, not job-takers, for the UK economy.”