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Research and Development Tax Reliefs

Author: Maria Kitt

Publication Date: February 2021

Publisher: Bloomsbury Publishing Plc

Law As Stated At: 1 September 2020

Research and Development Tax Reliefs

Research and Development Tax Reliefs

UK R&D tax reliefs are among the most effective and generous tax allowances in the world. Yet many companies, entitled to the incentive, do not claim reliefs that are due, either through a lack of awareness or because the reliefs seem complex or inappropriate to their business. But the significant increases in the value of the incentive make the R&D tax relief even more important. At the same time, the growth in HMRC powers and penalty-based tax regime highlight the importance of accurately documented claims.

This commentary is up-to-date as of Finance Act 2020, and draws together the many strands of legislation and other requirements that should be noted when making a competent claim into a single reference point.