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Pay attention
Key points
- One specific area where a ‘quick win’ would be deliverable is in the treatment of capital expenditure.
- A reformed capital allowances regime which recognises the role of R&D could be an incentive for UK businesses to invest in innovation.
- The introduction of the annual investment allowance and the super-deduction have eroded the benefit of R&D capital allowances.
- In a ForrestBrown survey 61% of respondents said more tax relief for capital expenditure on R&D would incentivise their business to carry out more innovation-focused projects.
- The UK government recognises that the UK has a lower proportion of innovating firms overall than other advanced economies.
- There is a lack of clear guidance that can help businesses assess the R&D usage of an asset – upfront – for its entire useful life.
Overhauling the inner workings of research and development (R&D) tax incentives might not seem a priority for the...
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