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The lesser-known research and development allowances.
KEY POINTS
- Companies are increasingly claiming R&D tax relief.
- R&D capital allowances may easily be overlooked.
- These capital allowances are not limited to companies.
- Qualifying expenditure may encompass costs that are not eligible for plant and machinery allowances.
- Cessation of ownership will trigger a disposal event.
- The reliefs are available for worldwide expenditure.
Recent statistics show that a record number of innovative UK companies are claiming research and development (R&D) tax reliefs grants and indirect support for pioneering scientific and technological projects. This is a good thing and exactly what the reliefs were designed to encourage.
By way of contrast there is very little uptake for a special scheme of capital allowances – ‘research...
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