Research and Development: with Patent Box 3rd Edition

Author: Gary Collins; Chris Ridley
Publisher: Claritax Books
ISBN: 9781912386505

Previous Edition ISBN: 9781908545756
Published In: May 2023
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details

The UK’s special tax rules for R&D expenditure continue to offer valuable tax relief for companies.

This book explains how the scope of the relief is wider than is often imagined, whilst also showing the statutory conditions that must be met for a successful claim. The book also demonstrates how the tax rules have become more generous in recent years.

New for this edition:

Fully updated to reflect changes announced at the Autumn Statement in November 2022 and in the Budget of 15 March 2023
Commentary and examples updated for change in rates. Numerous new examples added
New examples illustrating the tax definition of R&D
New R&D scheme for SMEs from April 2023
Proposed inclusion of pure mathematics, artificial intelligence and quantum computing in R&D claims
Potential restriction of relief for some subcontracted R&D work performed overseas
Case law on subsidised R&D expenditure and on criteria for “an advance in the field of technology”
Impact of PAYE and NIC cap on an SME payable tax credit claim
Expenditure on data sets and cloud computing
Updated HMRC guidance concerning the detail required in a claim for multiple projects
Additional guidance on how to submit an R&D claim when the supporting data is not currently available
Update to the advance assurance procedure for submitting an R&D claim
Additional advice in respect of capturing data relevant for an R&D claim
Details about structures and building allowances and the plant and machinery super-deduction
Making a new Patent Box election following a previous revocation
Cost-sharing arrangements and the patent pending period
Discussion of meaning of “significantly contributing” and “significant activity”
Expanded section listing relevant points to consider when deciding whether to make a Patent Box claim
Comprehensive step-by-step examples added re calculation of Patent Box deductions in various circumstances
New summary of the key differences between externally provided workers and subcontractors