Overview

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, and the widened variety of sectors claiming, make the UK’s R&D tax relief code 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 comprehensive commentary brings together the many aspects of the R&D tax relief framework and its alternatives into a readable and manageable reference point. It includes the latest extensive Finance Act changes as well as technical case law analysis and updates and linked examples and calculations. Topics covered in this update include: Relevance and usefulness of the new reliefs, Legislative structure and design Case studies setting out the benefits and technical areas of computation and eligibility Guide to compliance with HMRC and EC regulations and requirements Definition of RD for tax purposes, synergy with accounting IAS , FRS definitions and Audit regulations Up to date Case Law guide HMRC interpretations and approach to claims including Advance Assurances Evaluation of alternatives to tax funding, grants, collaborative funding etc Performance of the UK RD sector globally Basic examples for intending science and technology companies to claim reliefs compliantly

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9781526536280

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Author Information

Maria Kitt is a corporate tax partner at Tax Insight UK and has advised companies on R&D tax reliefs since the legislation was first introduced in 2000. Previously she was a corporation tax specialist in HMRC, with extensive experience of the HMRC R&D units.

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