Applications for grants from the £375 million Future Fund: Breakthrough have opened. Not to be confused with an earlier 'Future Fund', this scheme is aimed at helping Research & Development (R & D)  intensive companies bring new technologies to market.

The scheme was announced in Budget 2021 and is regarded as part of the government's Plan for Growth. An earlier Future Fund, introduced in March 2020 and which provided £1 billion of convertible loans to high-growth businesses, has now ended.

The scheme will be overseen by the British Business Bank's subsidiary, British Patient Capital and will be open for applications on a rolling basis. It has strict eligibility criteria.

The Future Fund: Breakthrough is intended to accelerate the deployment of breakthrough innovations in areas such as life sciences, quantum computing and clean technology.

Useful guides on this topic

R & D & Patent Box
Find out all about Research & Development and Patent Box tax reliefs. R&D guides (subscribers) and answers to FAQs.

R&D Tax Relief: Overview
What is R&D Relief? How does it work? Why does the size of the company matter? What is sub-contracted R&D? How do I write an R&D Report?

R&D: 'Large Company' Scheme (RDEC) Guide
What is the R&D Expenditure Credit (RDEC) Large Company Scheme for R&D relief? How does it work?

R&D: Staff costs, subcontractors & reimbursed expenses
What staff costs qualify for relief? Who are externally provided workers? Can you claim sub-contractor costs? Do reimbursed employee costs qualify?

COVID-19: Loan funding
COVID-19: different types of loan funding. All loan funding is repayable. 

External links

British Patient Capital; Future Fund: Breakthrough

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