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Autumn Statement - changes to R&D allowances

The Chancellor announced a number of changes to the taxation of research and development [“R&D”] costs incurred by companies:

  1. An increase in the rate of enhanced tax reliefs under the SME scheme, from 225%, to 230%.
  2. An increase in the ‘above the line’ credit under the large company scheme, from 10%, to 11%.
  3. A restriction in the definition of qualifying expenditure, so that materials incorporated into products that are later sold are not eligible.

All of these will take effect from 1 April 2015.

In addition, steps will be taken to streamline the application process for SMEs, presumably with the aim of making it easier for companies to apply for R&D allowances..



Date: 3rd December, 2014
Author: David Mansell


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