During the Spring Statement the Chancellor, Rishi Sunak, suggested that he will look to reform the current research and development (R&D) tax credit scheme later this year, on top of the existing reforms being introduced in March 2023. 

The Spring Statement documents allude to the fact that these changes will help to deliver an additional £5bn worth of tax credits to eligible businesses by 2024, but will this support be delivered equally? 

How do SMEs fit into R&D tax reform? 

For some time, the Chancellor has made it clear that he is frustrated by the poor investment made by small to medium-sized businesses in R&D.