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The UK’s £8 billion-a-year R&D tax credit scheme is facing a major shake-up as the government moves to tackle widespread fraud and error while improving accessibility for genuine claimants. Proposals outlined in a consultation published alongside the Spring Statement suggest that businesses may soon be required to obtain formal pre-approval — or “advance assurance” — for research and development (R&D) claims before submitting them to HMRC. Currently a voluntary option, advance assurance is used by...

Frasers Group has voted to block Boohoo’s attempt to change its holding company name to Debenhams, escalating a long-running feud between the UK retail giants. The move, led by Mike Ashley’s group, which owns a 27 per cent stake in Boohoo, effectively prevented the resolution from passing at a general meeting on Friday. The motion required at least 66 per cent of shareholder approval but was defeated after 38 per cent of votes were cast...

Technology entrepreneur Tom Adeyoola has been named as the government’s preferred candidate to head Innovate UK, the country’s £1.1 billion-a-year innovation agency, at a pivotal moment for the organisation. The Department for Science, Innovation and Technology confirmed that Adeyoola, 47, is in line to replace Indro Mukerjee in the £195,000-a-year role. The appointment comes as Innovate UK faces renewed scrutiny over its spending and future direction amid a broader government spending review. The agency plays...

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