HMRC published draft guidance covering changes to the research and development tax reliefs due to be implemented on 1 April 2023. The guidance “clarifies technical aspects of how the reforms will work in practice and includes a list of the additional information that will be required for claims”.
The ATT’s response is detailed but it has noted:
“The Draft Guidance covers changes to the R&D relief regime which were originally included in draft legislation published on 20 July 2022 for what was intended to be Finance Bill 2022-23. (the ‘Draft Legislation’). However, this legislation was never finalised, and no updated draft has been provided since it was originally published. Whilst we always welcome the opportunity to comment on guidance before changes come into effect, the absence of final (or even updated) legislation does make reviewing the Draft Guidance difficult.”
Related content from Claritax Books
The UK’s special tax rules for Research and Development expenditure continue to offer valuable tax relief for companies.
This book explains how the scope of R&D relief is wider than is often imagined, whilst also showing the statutory conditions that must be met for a successful claim.