Osborne confirms 200% R&D tax credits rise

UK chancellor George Osborne has confirmed in today's budget that R&D tax credits are to rise by 200 percent.

The increase will take affect from next month, with it increasing to 225 percent in 2012.

The raise is a 35 percent increase, is in line with recommendations made by development organisation TIGA and is backed by Labour.

Osborne also confirmed that plans are being determined to improve the intellectual property regime in both the digital and creative industries. More information is to come.

However, the Chancellor did not announce any plans to reintroduce games tax relief, something Labour predecessor Alistair Darling confirmed in his last Budget in 2010.

Osborne killed off the relief in his emergency budget last summer when the Tory-Lib Dem coalition came to power.

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