Research: Tax Allowances

(asked on 4th January 2022) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions he has had with the life sciences sector to discuss the issue of territoriality for R&D tax relief.


Answered by
Lucy Frazer Portrait
Lucy Frazer
Secretary of State for Culture, Media and Sport
This question was answered on 12th January 2022

At Autumn Budget 2021, the Government announced reforms to Research & Development (R&D) tax reliefs to support modern research methods. The Government did this by expanding qualifying expenditure to include data and cloud costs, to more effectively capture the benefits of R&D funded by the reliefs by refocusing support towards innovation in the UK and to target abuse and improve compliance. The review will continue to identify areas for further change. A report was published at Tax Administration and Maintenance Day. The report provided more detail on the reforms announced at Autumn Budget 2021 and set out areas where the Government is seeking views to inform the draft legislation that will be published next year.

Reticulating Splines