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News - Published 22nd November 2017

Autumn Budget 2017 Response and Summary

Autumn Budget 2017

Autumn Budget 2017: A mixed bag but extra funds for R&D are positive

Comments provided by Menzies Tax Partner Richard Godmon

Richard Godmon - Menzies Accountant

Despite a 25 percent reduction in growth estimates from the Spring Budget, The Chancellor has announced further investments and enhanced incentives to boost research and development activity in a bid to strengthen the UK economy and position it for sustainable growth.

Menzies #BrighterThinking Autumn Budget 2017 Response

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As well as announcing an additional £2.3 billion investment in research and development programmes, the Chancellor announced a one percent increase in the rate of the R&D tax credit to 12 percent (with immediate effect) and increased the National Productivity Investment Fund to over £31 billion.

It’s great news that the Chancellor is going to increase the R&D tax credit to 12% – a 1% increase. This is already seen as a generous scheme incentivising investment in innovation, which is the cornerstone of the economy. It is particularly positive that he has chosen to make this change at a time when the volume, and therefore the cost of R&D claims is rising. It is unfortunate there is no corresponding increase for SME innovators. However, there has never been a better time for innovative businesses to push forward with R&D tax credits and tax relief on investment through EIS.


business sector budget response ideas

Autumn Budget 2017: Business Sector Repsonse

Here follows a summary of the headline response for the Chancellor’s 2017 Autumn Budget from each of Menzies’ business sector teams.







For more information about Menzies LLP or to talk to us about the impact of the Autumn Budget 2017 on your business and personal finances, contact your Menzies Relationship Partner directly or complete our online contact form.

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Partner

Richard Godmon is a Menzies Tax Partner in the Solent office specialising in corporate tax for SME businesses and personal tax planning for individuals.