The new R&D tax relief regime in FA 2024 Sch 1 has formally been brought into effect for accounting periods beginning on or after 1 April 2024. The Finance Act 2024, Schedule 1 (Research and Development) (Appointed Day) Regulations, SI 2024/286, provide the 1 April 2024 date for the purposes of the main commencement provision in Sch 1 para 16.
The appointed day is also relevant for determining the accounting period for which a company is entitled to the higher rate of payable tax credit for R&D-intensive SMEs from 1 April 2023 (FA 2024 Sch 1 para 21).
The new R&D tax relief regime in FA 2024 Sch 1 has formally been brought into effect for accounting periods beginning on or after 1 April 2024. The Finance Act 2024, Schedule 1 (Research and Development) (Appointed Day) Regulations, SI 2024/286, provide the 1 April 2024 date for the purposes of the main commencement provision in Sch 1 para 16.
The appointed day is also relevant for determining the accounting period for which a company is entitled to the higher rate of payable tax credit for R&D-intensive SMEs from 1 April 2023 (FA 2024 Sch 1 para 21).
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