New merged R&D regime to go ahead from next April – Autumn Statement – November 23
Within the Autumn Statement the Government announced reforms to the R&D tax reliefs to simplify and improve the system from 1 April 2024. This will be legislated for in the Autumn Finance Bill (with legislation expected next week). Our takeaways Large companies will be able to claim for UK subcontracted R&D (no longer restricted to R&D subcontracted to qualifying bodies/universities). This will be great news for some. The R&D credit benefit for SMEs will reduce from c.19% to 15%/16.2%. Bad
Angela Browning
24 November 2023