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HMRC have published draft guidance on the above-the-line credit for large companies for research and development expenditure incurred on or after 1 April 2013, to run alongside the current scheme until it ends on 31 March 2016.
The credit discharges corporation tax that a profit-making company would have to pay, while allowing businesses with no corporation tax liability to receive an immediate benefit either through a cash payment or a reduction of tax or other duties due.
HMRC have published draft guidance on the above-the-line credit for large companies for research and development expenditure incurred on or after 1 April 2013, to run alongside the current scheme until it ends on 31 March 2016.
The credit discharges corporation tax that a profit-making company would have to pay, while allowing businesses with no corporation tax liability to receive an immediate benefit either through a cash payment or a reduction of tax or other duties due.
The guidance is accompanied by draft notes to expenditure credit and examples one to three. Comments are invited via the taxman’s website no later than 31 January 2014.
