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Research And Development Tax Credit

Volume 405: debated on Wednesday 21 May 2003

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To ask the Chancellor of the Exchequer if he will make a statement on the impact of the new research and development tax credit on companies (a) in the UK and (b) in Teesside. [114311]

Research and Development (R&D) tax credits were introduced for small and medium companies in 2000. They were extended to all companies in 2002 and further improvements are being made in the Finance Bill. No specific figures are available for Teesside, but the credits helped some 3000 small and medium-sized innovative companies nationally last year, delivering £150 million of support for UK R&D.