Autumn Statement: How will it affect UK Fintech?
22 November, 2023
The UK Government has unveiled the Autumn Statement, outlining measures to boost economic growth and support workers.
Chancellor Jeremy Hunt announced a headline package, featuring a 2% National Insurance cut for workers, a permanent expensing scheme, and increased investment in AI.
Several key announcements were made affecting the UK fintech and fast-growth tech businesses.
Further £500M Investment in AI:
Building on the UK Government’s £900M investment in AI research from the Spring Budget, an additional £500M investment has been announced. This is particularly good news for the Fintech sector, as Artificial Intelligence plays a crucial role in tech and innovation.
Permanent Full Expensing Scheme:
Companies can now permanently claim 100% capital allowances on qualifying main rate plant and machinery investments. This move encourages companies, especially SMEs and scale-up businesses in Fintech, to make further investments in capital expansion while benefiting from a tax deduction.
Simplified R&D Tax Credits:
From April 2024, the existing R&D Expenditure Credit and Small and Medium Enterprise Scheme will merge. This change will impact many businesses in Fintech, affecting how they manage their claims, including handling increased documentation requirements.
Join our latest Lunch & Learn: R&D Tax Credits event on the 24th November:
Adam Spriggs CTA, R&D Tax Director at Zeal, to discuss key points in the Autumn Statement and get an overview of R&D tax credits, changes, and how it can benefit your business.
This event aims to provide practical insights and actionable strategies for businesses to meet the necessary compliance and documentation requirements for a successful R&D tax credit claim.