On 31 October 2023, the UK government published a press release outlining measures to “future-proof” the UK’s artificial intelligence (AI) skills base, including a new visa scheme and a push for students to take on AI and data courses. As part of its strategy to ensure the UK has the top global expertise and fosters the next generation of researchers needed to seize the transformational benefits of AI, the UK government has announced that it will fund GBP 118 million to boost skills in AI within the UK. The money will be used to fund a range of developments, including (i) the creation of a £1million “AI Future Grants Scheme” to support top AI researchers and engineers from across the globe to come to the UK to work with UK universities and businesses; (ii) 15 GREAT scholarships for international students to come to the UK to study science and technology courses including subjects related to AI or life sciences; and (iii) Backing the Invisible Geniuses (BIG) scholarship pilot to attract top STEM talent to the UK’s leading universities.

A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.

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Full text of Tax Alert