Join Benjamin Craig, Associate R&D Tax Director at Ayming, as he delves into the recent draft legislation for a merged R&D incentive scheme and discusses its potential impact on claims.
As the draft legislation currently stands, all companies will be directed towards a unified scheme for eligible R&D expenditure incurred on or after 1 April 2024, signifying the discontinuation of the current SME R&D tax relief scheme. There is an ongoing consultation for feedback on the draft legislation, which the government will ratify at a future fiscal event.
This seismic policy shift carries substantial implications for businesses aiming to leverage R&D tax incentives effectively. We’ll provide a clear understanding of these changes and how your claim would be affected under the merged scheme.
Key topics we will cover:
- Headlines of changes
- Generosity – how big is the benefit?
- Eligible costs
- Treatment of subcontracting and subsidies
- The ‘intensive scheme’
- Timeframe and next steps