HM Treasury Consultation – A Consolidated R&D Regime has been saved
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HM Treasury Consultation – A Consolidated R&D Regime
A move towards a single R&D tax relief scheme in the U.K.
On 13 January 2022, His Majesty’s Treasury (“HM Treasury”) released a consultation into the possibility of a ‘…single, simplified research and development (R&D) tax relief scheme, merging the existing research and development expenditure credit (RDEC) and the small and medium enterprise (SME) R&D relief’.
The Consultation follows the Chancellor’s Autumn Statement 2022 in which he reiterated the government stated ambition to reform the UK’s R&D regimes to improve their competitiveness vis-à-vis similar regimes found in other OECD economies. Find the consultation document here, as well as HM Treasury’s press release here.
The deadline for responses to HM Treasury’s Consultation is 2pm on 13 March 2023. Deloitte is currently in the process of liaising with key industry stakeholders, as well as with its internal team of subject matter experts, to compile a response to the consultation document. Should you wish to discuss this or would like to know more about the UK’s R&D regimes and the changes currently taking place, please reach out to us via email or phone.
