Potential tax credits good news for standards

The UK’s National Standards Body BSI British Standards welcomes today’s announcement from HM Treasury (HMT) and HM Revenue and Customs (HMRC) of discussions to consider giving tax credits for work to develop standards.

Director of BSI British Standards Mike Low said, “BSI is delighted the Government has recognised the importance of standards to innovation and business. All British, European and international standards rely on the participation of thousands of experts from UK business, research institutions, charities and others who between them contribute £2.5bn each year to the national economy.

"We therefore welcome the opportunity to reward this significant contribution and look forward to discussions with HMRC and DTI to determine the extent to which this standards development work should be considered R&D for tax purposes.”