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How can two become one?
Key points
- The draft legislation published in July 2023 marks the next step towards a unified framework for research and development relief.
- The proposed changes signify the most significant update to the incentive since its establishment in 2000.
- A major complexity for the merging of the relief concerns supply chains.
- Companies will need time to prepare for the impending changes.
- The rate of relief has yet to be decided but a rate of 20% has been mooted.
- Impact of the measure on companies that carry out R&D overseas.
The adage ‘simplicity is prerequisite for reliability’ may have been front of mind during research and development (R&D) policy meetings in Whitehall over the last 18 months as the government has sought to cement spillover benefits of the UK’s flagship tax policy for innovation – R&D tax relief – while simultaneously shutting down widely reported abuse of the incentive.
As we...
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