Labour’s Crack Down on Innovation Tax Credits Attacks UK Startups

Rachel Reeves pledged to fund schools and the NHS by cracking down on tax fraud—a proposal that seems fair. In theory…

Yet, in practice, Labour is targeting fraud on tax credits that benefit entrepreneurs, rather than say, widespread welfare fraud. In a bid to tackle alleged abuse of R&D tax credits (tax rebates for innovation spending), UK startups are now being told they must repay hundreds of thousands of pounds to HMRC after it decided claims were mistakenly issued.[…] Read the rest