Industry News - 1st March 2023
The government has launched a consultation to simplify the UK’s research and development (R&D) tax relief system, recognising the important role R&D plays in driving innovation and growing the economy.
The consultation runs to 13 March 2023 and sets out proposals on how a single scheme could be designed and implemented.
This would replace the two R&D tax relief schemes currently in place – the research and development expenditure credit scheme (RDEC) and the small and medium enterprise (SME) R&D relief.
This is part of the government’s ongoing R&D tax reliefs review, and follows changes announced at the Autumn Statement 2022.
Victoria Atkins MP, Financial Secretary to the Treasury, said:
‘We are focussed on growing the economy – with thriving businesses bringing more jobs, higher pay and more tax revenue to fund our precious public services.
‘Getting R&D tax relief right and fit for the future sits at the heart of making sure the UK remains a competitive location for cutting edge research – helping new firms grow.
‘I welcome views on the option to simplify the scheme, especially from those who have experience of the existing tax reliefs.’
Contact us for more information on R&D tax relief.
Internet link: GOV.UK