It will be great if the tax system that encourages innovation can be enhanced even further. We already have a package of reliefs for innovative businesses - R&D tax credits, RDEC and the patent box - which I know from experience are really valuable to an innovative business struggling for cash.
Let's hope that the review finds it's possible to keep a system at least as beneficial as the current one - so that the UK continues to be an attractive place to invest in innovation.
the government is to launch a review of current R&D tax incentives ‘to ensure the global competitiveness of the UK as a home for scientists, innovators and tech investors’. In the speech, May will say the government’s business and tax reforms since 2010 have delivered one of the most competitive corporate tax regimes in the world by cutting corporation tax and increasing R&D tax credits, from £1bn to almost £2.5bn a year. Research shows each £1 spent on R&D tax credits stimulates between £1.53 and £2.35 of additional investment in the UK, May will tell her audience. Other commitments to be announced as part of the strategy include an additional £2bn per year in government investment by 2020 for R&D, and the creation of a new industrial strategy challenge fund to back priority technologies