The government has today (6 December 2022) published a letter to the Prime Minister. The stated purpose of the document is “to clarify financial and business investment terminology” and “to support members of the Council for Science and Technology to develop clear advice to government on the innovation ecosystem”.
The document – which “has been reviewed by government officials and analysts working in this policy area but is not intended to be the last word” – seeks to set out definitions of a range of business terms including (by way only of examples) the following:
- a business;
- an industry;
- a start-up;
- a spinout;
- SMEs;
- scale-ups;
- unicorn;
- (pre-) seed funding; and
- tech company.
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This title explains how the scope of R&D relief is wider than is often imagined, whilst also showing the statutory conditions that must be met for a successful claim.
