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A review of the research and development (R&D) tax reliefs is underway to explore the nature of private sector research and development investment in the UK, how that is supported and where changes may be needed.
In a consultation, the Treasury is considering:
- How R&D expenditure credit (RDEC) and R&D tax relief for small and medium enterprises support R&D in the UK and the main differences in design between them.
- Whether the schemes should be amended to remain internationally competitive and keep the UK at the cutting edge of innovation.
- Whether the definition of R&D and the scope of what qualifies for relief are fit for purpose.
- Whether current rates of relief, and the difference in rates between RDEC and the SME scheme are still appropriate.
Responses should be emailed by 2 June 2021.
