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Research and Development Tax Reliefs, 3rd Edition

Research and Development Tax Reliefs, 3rd Edition

Author: Maria Kitt
Publisher: Bloomsbury Professional (formerly Tottel Publishing)
ISBN: 9781526507273

Previous Edition ISBN: 9781784516789
Published In: August 2018
Format: Paperback , 338 pages
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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UK R&D tax reliefs are among the most effective and generous tax allowances in the world. Yet many companies, entitled to the incentive, do not claim reliefs that are due, either through a lack of awareness or because the reliefs seem complex or inappropriate to their business. But the significant increases in the value of the incentive make the R&D tax relief even more important. At the same time, the growth in HMRC powers and penalty-based tax regime highlight the importance of accurately documented claims. The third edition of this book is brought up to date with Finance Acts 2017 and 2018. In the Chancellor's November Budget Statement, there was a strong commitment to more spending on encouraging R&D activity, and also an announcement that there would be an increase in the main R&D tax credit to 12%.

The third edition is also updated to include:

Tax case updates - recent cases that affect RD claims / reliefs
EU departure - nothing legislative so more commentary / potential impact information
State Aid: There has been much moving forward on State Aid with notably the Apple and Amazon tax cases. HMRC have published quite a bit on RD State Aid for UK companies which will be covered in the new edition
Eligible costs - HMRC have updated their reimbursed expenses guidance allowing much more scope for further relief.
As ever, technology moves on and the case studies section will be expanded to include a couple of more recent 'tech' examples perhaps in the space satellite (UK is very strong on this) and pharma industries

Practical examples and up to date tables provide a 'one stop' guide to maximising the reliefs claimed, and also help the reader understand how to implement a claim in practice, meaning this new edition provides a valuable summary of the opportunities open to innovative companies performing R&D in 2016, and their advisers.

Chapter 1 UK research and development tax reliefs
Chapter 2 The research and development tax relief framework
Chapter 3 The BIS Guidelines: the definition of research and development for tax purposes
Chapter 4 Research and development tax relief – small and medium-sized companies
Chapter 5 Research and development tax relief – large companies
Chapter 6 Claim administration
Chapter 7 'The Innovation Gap' – grants and State Aid for research and development
Chapter 8 Worldwide trends in research and development
Chapter 9 Research and development in industry – case studies
Chapter 10 Creative industry tax reliefs
Appendix 1 SSAP 13 – Accounting for research and development
Appendix 2 BIS Guidelines on the Meaning of Research and Development for Tax Purposes
Appendix 3 Commission Recommendation of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises
Appendix 4 Eligible R&D costs At a Glance – SME & Large Company Schemes
Appendix 5 RD6 Industry sector analysis of number and cost of R&D tax credit claims, 2011–12
Appendix 6 The R&D Timeline
Appendix 7 Summary of corporation tax rates/RDTR/Tax Credit Rates
Appendix 8 HMRC R&D units
Appendix 9 Sources used in this book
Appendix 10 Linked and Partner Enterprises
Appendix 11 SME definition: text of 1996/280/EC
Appendix 12 Gripple Limited v the Commissioners for HM Revenue and Customs