Research and Development Tax Reliefs

By: Maria Kitt
ISBN: 9781526507273

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About 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... Read more

About 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.

The third edition of this book is brought up to date with Finance Acts 2017 and 2018. In the Chancellor’s November Budget Statement, there was a strong commitment to more spending on encouraging R&D activity, and also an announcement that there would be an increase in the main R&D tax credit to 12%.

The third edition is also updated to include:
Tax case updates – recent cases that affect RD claims / reliefs
EU departure – nothing legislative so more commentary / potential impact information
State Aid: There has been much moving forward on State Aid with notably the Apple and Amazon tax cases. HMRC have published quite a bit on RD State Aid for UK companies which will be covered in the new edition
Eligible costs – HMRC have updated their reimbursed expenses guidance allowing much more scope for further relief.
As ever, technology moves on and the case studies section will be expanded to include a couple of more recent ‘tech’ examples perhaps in the space satellite (UK is very strong on this) and pharma industries

Practical examples and up to date tables provide a ‘one stop’ guide to maximising the reliefs claimed, and also help the reader understand how to implement a claim in practice, meaning this new edition provides a valuable summary of the opportunities open to innovative companies performing R&D in 2016, and their advisers.

Table of Contents

Preface
Chapter 1: UK research and development tax reliefs: Introduction
Chapter 2: The research and development tax relief framework
Chapter 3: The BIS Guidelines: the definition of research and development for tax purposes
Chapter 4: Research and development tax relief – small and medium-sized companies
Chapter 5: Research and development tax relief – large companies
Chapter 6: Claim administration
Chapter 7: ‘The Innovation Gap’ – grants and State Aid for research and development
Chapter 8: Worldwide trends in research and development
Chapter 9: Research and development in industry – case studies
Chapter 10: Creative industry tax reliefs
Apppendices
Index

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