Despite much lobbying from interested parties the Budget on 3 March did not contain any measures to legislate for an increase in the R&D tax relief available under either the SME scheme or the R&D expenditure credit (RDEC) scheme. Instead, the previously announced SME cap will go ahead and announcements were made regarding a previous consultation on the widening of qualifying costs to include data and cloud computing costs and of a new review of the reliefs, supported by a consultation with stakeholders.
Our article examines the Budget announcements in more detail and you can view it here:
If you would like to contact us to discuss the potential application of these announcements or the cap to your claim process, or would like us to make representations as part of the consultation then please contact John Moore of Kingly Brookes on 0207 292 8850 or john.moore@kinglybrookesllp.co.uk
Budget 2021 - R&D tax reliefs update
4 March 2021
Kingly Brookes summarises the announcements made as part of the Budget 2021 yesterday (3 March 2021).