The recently published consultation into the R&D tax credits system provides an opportunity for the government to initiate improvements to encourage investment to meet its stated target of raising R&D investment to 2.4% of UK GDP in 2027 and to support the UK’s post covid-19 recovery strategy. However, introducing effective reform to the UK’s R&D tax relief system will be a careful balancing act between ensuring changes improve efficiency, whilst also maintaining accessibility to R&D intensive businesses that are often heavily reliant on tax reliefs. Affected businesses and other stakeholders are encouraged to respond to the consultation before it closes on 2 June.
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The recently published consultation into the R&D tax credits system provides an opportunity for the government to initiate improvements to encourage investment to meet its stated target of raising R&D investment to 2.4% of UK GDP in 2027 and to support the UK’s post covid-19 recovery strategy. However, introducing effective reform to the UK’s R&D tax relief system will be a careful balancing act between ensuring changes improve efficiency, whilst also maintaining accessibility to R&D intensive businesses that are often heavily reliant on tax reliefs. Affected businesses and other stakeholders are encouraged to respond to the consultation before it closes on 2 June.
If you are not a subscriber, subscribe now to read this content.
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