2017/18 Budget Changes
The ‘Science Budget’ of December 2017 made a number of improvements to the tax regime for innovative companies. Headlines include a reduced corporate tax rate (19%) and an uplift in the RDEC R & D tax credit for large companies performing R & D with effect from 01 January 2018.
These changes are now passing through Parliament and the Finance (No.2) Bill 2017-19 is substantially enacted The House of Commons has approved the Third Reading of the Finance (No.2) Bill. It now passes to the House of Lords, which is due to consider the Bill on 6 March. Although full enactment will not take place until Royal Assent has been given, being a money bill, the bill cannot be amended by the House of Lords. It is now treated as substantially enacted, which means it will need to be taken into account in certain deferred tax calculations.
Further information can be found here…….https://services.parliament.uk/bills/2017-19/financeno2.html