The research and development expenditure credit (RDEC) and medium-sized enterprises (SME) scheme will be merged. Tax paid on the credit for loss-making companies will be reduced to 19%
Earlier plans to restrict subcontracted activities to UK-based entities, making overseas work ineligible, are now expected to be implemented from April 2024
Companies will be required to include a named internal R&D contact who will take responsibility for the submission, and must therefore have a strong grasp of its details
2024
December 2023
Markel’s insurance data predicts that by the end of 2023, investigations into R&D claims will have risen by a staggering 900% from the levels seen in 2019
August 2023
All claims now need to be filed to HMRC through a new online form. For some, it will introduce a significant increase in the amount of detail that needs to be provided
July 2023
Draft legislation was unveiled in July 2023 following consultation with industry stakeholders
April 2023
The RDEC scheme credit increased from 13% to 20%, while the SME scheme was cut by about a third, from 130% to 86% relief. SME credit was also reduced by about a third, from 14.5% to 10%
The legislation now allows pure mathematics, cloud computing and hosting costs used for the purposes of R&D to be claimed for as R&D projects
2023
2002
Two years later, a similar scheme for larger companies was added
2002
2000
The first R&D tax relief scheme, available to SMEs, was introduced