BSIA welcomes government boost to R&D Tax Credits

The British Security Industry Association (BSIA) has welcomed the Government’s announcement of a boost to tax credits for small businesses conducting Research and Development into new products.

As part of yesterday’s Budget announcement, Chancellor George Osborne reinforced the Coalition’s support for manufacturing, increasing R&D tax credits for small businesses to 200% from April 2011, a figure which is set to rise even further to 225% in April 2012. In addition to this, the Budget also encouraged investment in machinery through increased limits on capital allowances.

The BSIA has long been campaigning in favour of R&D Tax Credits, speaking out staunchly at the previous Government’s intention to abolish them altogether and launching its first online public affairs campaign to enable Association members to rally support for the credits by signing a petition and directly emailing their MP.

BSIA Chief Executive, James Kelly, said: ” Tax credits are an essential source of financial support to British businesses and have remained so throughout the economic downturn, enabling many to continue their contribution to the UK’s GDP in a period of great economic uncertainty.

“The BSIA represents businesses of all sizes, many of whom have benefited greatly from R&D tax credits over recent years. Many BSIA members are actively involved in the development and manufacture of new products, a process which helps boost the UK economy in these tough financial times. It’s great to see that the views of our members, and indeed those of manufacturers across British industry, have been taken on board and are reflected in this year’s Budget.”

Political representation is just one benefit of trade association membership. For more information on the work of the BSIA, or for information on how to join, visit www.bsia.co.uk