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Two become one
Key points
- A new ‘one size fits all’ UK research and development (R&D) incentive scheme will take effect from 1 April 2024.
- The definition of R&D activities for tax purposes remains unchanged.
- The mechanics of the new scheme provide a taxable credit of 20% on a company’s eligible R&D costs.
- New 2024 scheme will simplify the rules relating to the PAYE cap.
- Administrative changes include having to notify in advance that a claim is to be made.
Twenty-three years ago an obscure allowance a ‘scientific research allowance’ was swept aside in favour of a new ‘research and development’ (R&D) tax deduction intended to encourage more investment in R&D by innovative UK companies. The ‘development’ leg of the incentive produced a huge rise in the number of small and medium-sized enterprise (SME) claims. Last week in his Autumn Statement chancellor of the exchequer Jeremy Hunt announced measures...
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