May 2022 Blog


From Maria Kitt:

2022 Spring Budget reforms were announced by the Chancellor of the Exchequer following the HM Treasury Report of November 2021 to increase the effectiveness of the UK’s RD reliefs and incentives but at the same time protecting the taxpayer from abuse and avoidance. Research into the adoption of these key reforms is in progress by HM Working Groups. The key intended changes are:

To focus the reliefs on UK rather than overseas operations – important concessions will be included to protect groups compelled to conduct RD on a worldwide basis such as pharmaceutical trials etc

To expand the definition of RD to include cloud based storage costs and wider research costs upon data.

To prevent abuse and avoidance by strengthened HMRC reporting methods to claim reliefs.

A useful round up of where we are and the progress of these changes can be found in the ICAEW Publication here…….