R&D Tax Reliefs review – your chance to have a say
Abingdon, UK - The Government is currently consulting over the merging of the R&D Tax Credits scheme for SMEs and the larger company RDEC (R&D Expenditure Credits) schemes with a view to creating a single and simplified scheme. In the Chancellor’s autumn statement, he announced reductions in the current schemes to be implemented from 1st April 2023, principally to try to reduce fraudulent claims from non-knowledge intensive companies. The unintended consequence however is to increase the challenge on smaller companies in UK life sciences.
OBN will be responding to the consultation (due on 13th March) and to ensure we represent our members’ views we would appreciate your feedback via the linked questionnaire. The following questions should take no more than 10 minutes to complete – those in italics are direct questions taken from the consultation document. Please ensure you complete this by close of business on Friday 10th March.
For more background reading on this topic please see the BDO report on the Future of R&D from 2021. Whilst the world (and Government) has moved on since then this provides helpful background for companies.