Lords publish report on Finance Bill

The Economics Affairs Finance Bill Sub-Committee has published its report on the Finance Bill 2023-24 covering research and development (R&D) tax relief HMRC data requirements promoters of tax avoidance and sentencing for tax fraud.

The sub-committee welcomed there were no plans to make further changes to R&D tax relief other than to simplify certain aspects of the scheme. But the lords said the government must monitor the operation of the R&D intensive scheme and keep the threshold for R&D intensity under review to ensure that it is suitably targeted and effective in achieving its policy objectives.

Chair of the sub-committee Lord Leigh of Hurley said: ‘Businesses will be relieved that the government’s review of R&D tax relief has been completed and that they can now plan ahead with some much-needed certainty. However the government still has a lot of work to do in terms...