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This report studies the effectiveness of the research and development expenditure credit (RDEC), which is designed to incentivise greater business investment in research and development (R&D). Investment in R&D can increase productivity, so it is important for the long-term growth of economies.

This evaluation estimates that for every pound spent on R&D tax credits, between 拢2.4 and 拢2.7 is additionally invested in R&D by UK companies. The results are in line with the effectiveness of RDEC鈥檚 predecessor, the Large Company scheme, which was evaluated by HMRC in 2015 to stimulate around 拢2.35 for every pound of tax relief.