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Innovative ideas win tax credit support.

INNOVATIVE science and technology companies in the Midlands have received a share of pounds 2.4million in cash payments.

The money is from HM Revenue and Custom's specialist Research and Development Unit (R and D) and was given over the last year to improve business and innovation.

Industry ideas that have received tax credit support include plant breeding, food industry and machine safety.

The West Midlands and Warwickshire are among regions covered by the Leicester unit, which has dealt with almost 700 claims in the last year.

Peter Stribblehill, Leicester R and D specialist unit head, said: "This is an incredible result in one year. We are keen to help business and innovation to grow throughout the region.

"It helps support small and mediumsized businesses across all business sectors to make successful tax credit claims."

He added: "We always look forward to hearing from any company with innovative ideas in science and technology, who have not yet thought of funding through R and D tax credits."

R and D tax credits are a company tax relief which can either reduce a company's tax bill or, for some small or medium-sized companies, provide a cash sum.

The aim of the tax credits is to encourage greater R and D spending in order to promote investment in science and technical innovation.
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Title Annotation:Business
Publication:Coventry Evening Telegraph (England)
Date:Nov 5, 2007
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