Insurtech UK seeks clarity on new R&D advisory panel.

March 17, 2024
1 min read


TLDR:

Insurtech UK CEO calls for more clarity on new advisory panel for R&D tax credits to support startups in technology and science. The expert advisory panel aims to provide insights, review guidance, and ensure effective access to support. Previous cuts to R&D tax credits relief regime were not reversed in the recent budget, disappointing industry leaders.

Key Points:

  • Insurtech UK CEO, Melissa Collett, calls for more clarity on how the new expert advisory panel for R&D tax credits will be utilized.
  • The new panel aims to support startups in technology and science by providing insights, reviewing guidance, and ensuring effective access to support for genuine claims.
  • No reversal of previous cuts to R&D tax credits relief regime in the recent budget was announced. Industry leaders express disappointment at the lack of action in this area.

Insurtech UK CEO, Melissa Collett, has called for more clarity over how the new expert advisory panel for research and development (R&D) tax credits will be used. The panel, announced in the Spring Budget, aims to support startups and insurtechs in technology and science by providing insights, reviewing guidance, and ensuring effective access to support for genuine claims. However, there was no mention of a reversal for previous cuts to the R&D tax credits relief regime in the recent budget, disappointing industry leaders. The industry is hopeful that further engagement with HM Treasury and HMRC will provide more clarity on how the advisory panel can support the new regime. The expert advisory panel is seen as a positive step, but industry leaders emphasize the need for the government to support investment in innovation to make the UK a technology and science superpower by 2030.

Previous cuts to the R&D tax credits relief regime, including a reduction in the tax rate and threshold for loss-making SMEs, have raised concerns among industry professionals. The lack of action to reverse these cuts in the recent budget has left some disappointed, as they believe it undermines the government’s ambition to foster innovation and growth in the tech ecosystem. The industry is keen on ensuring fair and adequate support for companies investing in R&D, especially in the insurtech sector. The role of the advisory panel in providing clarity and support for genuine claims is seen as crucial in building businesses and driving innovation in the industry.


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