NCUB Chief Executive Dr Joe Marshall gave evidence to the House of Lords Finance Bill Sub Committee about research and development tax credits this afternoon.
Speaking afterwards he said: “At their heart, R&D tax reliefs provide support for many innovative businesses and any reforms must place these interests at their heart.
“The system should allow companies with legitimate claims to get access to the investment they need. By doing this we encourage prosperity that will drive the long-term growth of the UK economy.
“One difficulty we have is that the definition of R&D appears different across Government departments. What we need is a single definition to make the system fair for everyone.
“In order for the scheme to be successful and effective, it needs to be simpler to access, globally competitive and value for money. As a nation we are an attractive place to do R&D, and the scheme has the potential to support this.
“We need to differentiate between new-to-world and new-to-firm R&D, to funnel investment into the most impactful research, in a world where the lines between research and development blur.
“This Government has set ambitious targets to stimulate more business-led R&D. To deliver this, we need the right levers.”
Read more about NCUB’s position on R&D tax credits in its previous submission on the Finance Bill.
You can re-watch the committee session on the Parliament website.