Why those racing for Number 10 should pay attention to R&D tax relief

Overhauling the inner workings of research and development (R&D) tax incentives might not seem a priority for the candidates fighting it out to be the next prime minister but overlooking it could mean they miss an easy win.

Regardless of the issues being campaigned upon by the Conservative leadership frontrunners all are in favour of a growing economy especially at this fraught time in geopolitics.

Creating a coherent long-term platform for R&D tax relief with greater flexibility to adapt as government priorities change as well as more effective and precise targeting to maximise additionality and reduce wastage would help provide certainty to businesses.

Given that R&D tax relief stimulates investment with every £1 of tax forgone via this channel creating up to £2.70 of additional investment in R&D by UK companies this should be a clear priority for whoever wins the leadership race....