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STEPHEN CHARLES provides an overview of the rules for research and development tax relief
KEY POINTS:
- An overview of the relief and credits available.
- The qualifying criteria for the relief. * What exactly is research and development?
- The effect of the decision in BE Studios Ltd v Smith & Williamson Ltd.
- A review of HMRC's guidance.
- The questions that need to be answered.
Research and development (R&D) tax relief has been the subject of tinkering almost since its introduction in FA 2000 and the 2007 Budget was no exception. Despite these changes (or perhaps because of them) the relief is still treated with a degree of caution by many advisers.
However the R&D tax relief is very attractive to clients as it can significantly reduce corporation tax liabilities and even create the unusual scenario of a corporation tax claim resulting in a tax credit payable to the...
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