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New regulations regarding consumables provide clarification in research and development tax relief claims.
KEY POINTS
- The research and development tax relief regime appears to be in a state of continual evolution.
- HMRC’s latest efforts focus on simplifying the rules on “consumables or transformable materials”.
- The broad brush definition can result in confusion for claimant companies.
- Tax credits are not intended to subsidise the production manufacture or delivery of services.
- Common sense and diligent record-keeping will help to ensure that potential R&D pitfalls are avoided.
Since its introduction in 2000 the legislation that governs HMRC’s research and development (R&D) tax credit scheme has evolved considerably. The motivation has been to provide fairness consistency and above all clarity. In addition as uptake has increased year on year the legislation has required clarification...
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