At Budget 2021, the government announced a review of the R&D tax reliefs to explore the nature of private-sector R&D investment in the UK, how that is supported and where changes may be appropriate. The consultation, which closes on 2 June 2021, considers:
how research and development expenditure credit (RDEC) and R&D tax relief for small and medium enterprises (SME scheme) support R&D in the UK, including how they operate and interact with the way modern R&D is done, and the main differences in design between them;
whether the schemes should be amended to remain internationally competitive and keep the UK at the cutting edge of innovation;
whether the definition of R&D and the scope of what qualifies for relief remain fit for purpose; and
whether current rates of relief, and the difference in rates between RDEC and the SME scheme, remain appropriate.
At Budget 2021, the government announced a review of the R&D tax reliefs to explore the nature of private-sector R&D investment in the UK, how that is supported and where changes may be appropriate. The consultation, which closes on 2 June 2021, considers:
how research and development expenditure credit (RDEC) and R&D tax relief for small and medium enterprises (SME scheme) support R&D in the UK, including how they operate and interact with the way modern R&D is done, and the main differences in design between them;
whether the schemes should be amended to remain internationally competitive and keep the UK at the cutting edge of innovation;
whether the definition of R&D and the scope of what qualifies for relief remain fit for purpose; and
whether current rates of relief, and the difference in rates between RDEC and the SME scheme, remain appropriate.
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