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The Consultation process

The government has invited business to share their views on the change they believe would significantly improve the impact, delivery and support to R&D provided by the R&D tax relief schemes. Deloitte has worked closely with companies involved in R&D activities and industry bodies, to include their views in the response to the consultation.

The recent Consultation period ended 2 September 2011 with resulting changes being legislated in Finance Bill 2012. The changes will lead to a more attractive R&D tax regime in line with the ambition expressed by the Prime Minister David Cameron, to make the UK the best country in which to perform R&D. The Chancellor’s announcement that an above the line credit will be introduced in 2013, will have a number of consequences including giving loss making companies the ability to receive the credit in cash.

More information can be found at the HM Treasury website

 

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