§ 17. Mr. PikeTo ask the Chancellor of the Exchequer what representations he has received on his measures to help companies with research and development. [116619]
§ Mr. TimmsOur new research and development tax credit, introduced on 1 April, has been warmly welcomed by the CBI and others since its announcement a year ago. We received representations emphasising the importance of incentives for research and development in small and medium-sized firms, and so that is where the credit is being targeted. We have also decided, responding to representations, that the credit should be available as well to companies not yet trading. It will benefit 4,500 companies and support almost £1 billion for research and development per year.