HMRC published draft guidance covering changes to the research and development tax reliefs due to be implemented on 1 April 2023.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 Institute of Chartered Accountants in England and Wales have now responded to the consultation on this guidance.
The ICAEW’s response is detailed and notes that:
“ICAEW’s Tax Faculty has provided feedback to HMRC on this guidance. It has highlighted uncertainties that remain despite the publication of the draft guidance. It has also highlighted some areas of the changes for which guidance has not yet been produced.”
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.
