19 May 2020
On 20 April the Chancellor announced a two-part support package for ‘innovative firms’ and other venture capital backed business that would be unable to raise finance under the existing coronavirus business interruption loan schemes.
The package includes:
- The Future Fund, delivered with the British Business Bank, which will provide loans between £125,000 and £5 million, with private investors at least matching the Government commitment. These loans will automatically convert into equity on the company’s next qualifying funding round, or at the end of the loan if they are not repaid.
- £750 million of targeted support for the most R&D intensive small and medium size firms through a grants and loan scheme, operated by Innovate UK, the national innovation agency.
The detail
Tax partner, Helen Cowley, provides an introduction to the £1.25 billion support package available to innovative firms throughout the coronavirus pandemic and also looks at the tax relief and credits available for R&D ongoing.
Need to know more?
If you would like more information about the detail, particularly with regard to R&D relief and qualifying conditions, please get in touch with Helen Cowley or your usual UHY contact , or get in touch using our contact form.
