This month we are looking in detail at the 2015 changes to R & D reliefs. It may seem bizarre to be writing about updates as we approach half way through 2015, but tax legislation follows a very tortuous route through Parliament to arrive and become ‘law’.
The UK now has one of the most generous forms of relief for research and development and the 2015 changes increasing the generosity of the reliefs have enhanced the SME rate by a further 4% whilst the cash tax credit is increased by 31% to 14.5%.
For large companies and SME’s carrying out contracted R & D the cash credit is increased by a pretax rise of 10% to 11% despite the reduction in mainstream corporation tax rates.
The devil is always in the detail and the new rules on consumables may impact many companies in pre manufacturing / development R & D.
Our consultation with HM Treasury concerning the future of UK R & D tax credits continues and do feel free to contact us at any time.
Read our commentary in the professional press below…[ba-pdfviewer pdfurl=”https://taxinsightuk.com/wp-content/uploads/2015/06/June2015RD.Update.pdf” width=”100%” height=”800px”]