Further changes to R&D tax relief?

The Financial Times reports that the Chancellor is planning to overhaul the UK’s R&D tax credit scheme.  See our comments here.

The Financial Times has reported that Rishi Sunak is planning an overhaul of the UK’s R&D tax credit system.  It notes that the Chancellor is considering whether R&D tax credits can be better focused on larger companies than small and medium-sized businesses.     

According to the Financial Times, Government insiders have suggested that the Chancellor’s plans go beyond the changes announced by the Government at Autumn Budget 2021, which were further detailed in the R&D Tax Reliefs Report.  Our comments on these previously announced changes following our response to that report can be found here: https://leyton.com/uk/leyton-responds-to-the-governments-rd-tax-reliefs-report/

As the largest player in the R&D tax relief market, Leyton understands the importance of R&D tax relief to its clients.  With our extensive experience and expertise, we are ideally placed to assist companies in respect of R&D tax relief, including in this changing environment.   

We will continue to monitor developments in this area given their importance to our clients.  We look forward to seeing if there is any further clarity – both in relation to the previous announced changes and any new ones – as part of the Spring Statement scheduled for 23 March 2022 and beyond.    

Emily McCarthy – Director of Tax Advisory