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:
- An increase in the rate of enhanced tax reliefs under the SME scheme, from 225%, to 230%.
- An increase in the ‘above the line’ credit under the large company scheme, from 10%, to 11%.
- 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
Articles from this Author
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
Mercer & Hole’s Robert Jamieson wins a Lifetime Achievement Award at the Tolley’s Taxation Awards 2018… twitter.com/i/web/status/9…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole