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Consultation Outcome: Draft guidance Research and Development R&D tax reliefs

By April 20, 2023No Comments

At Budget 2021, the government announced a review of the Research and Development (R&D) tax reliefs with the objectives of ensuring that the UK remained a competitive location for cutting edge research, that the reliefs continued to be fit for purpose, and that taxpayer money was effectively targeted.

HMRC published draft guidance in December 2022 ahead of the implementation of reforms to the R&D tax reliefs. The guidance clarifies technical aspects of how the reforms will work in practice, when they will take effect and includes a list of the additional information that will be required for claims. We welcomed comments from any individuals or organisations who make use of or provide tax agent services for R&D tax reliefs.

The government is grateful for the 63 responses received. Those responding included individuals, industry groups, businesses, accountants, agents and accountancy professional bodies. By taking into account the feedback received from stakeholders in response to the draft guidance, we were able to integrate changes that have enhanced the overall quality of the guidance.

The updated guidance, made available here for reference, will be formally published as part of the Corporate Intangibles Research and Development Manual once the Finance Bill receives royal assent in summer 2023.

The full outcome can be read here.