Published on: 01 February 2023
The government is currently consulting on its plans to simplify the UK’s Research and Development (‘R&D’) tax relief system to help drive innovation and economic growth.
The consultation document sets out proposals on how a single scheme could be designed and implemented. If agreed, the new scheme is expected to be in place from 1 April 2024.
This would replace the two R&D tax relief schemes currently in place i.e. the Research and Development Expenditure Credit (RDEC) and the small and medium enterprises (SME) R&D relief. In order to help businesses budget for R&D, clearer information about how much relief businesses receive would be offered up front.
If you would like to inform this consultation please email Joanna Richardson, British Marine’s Senior Public Affairs Adviser (jrichardson@britishmarine.co.uk) by end of February 2023 or, alternatively, submit your comments directly to the Treasury by emailing RDTaxReliefs@hmtreasury.gov.uk.