Lords Finance Sub Committee to explore R&D Tax Relief has been saved
Lords Finance Sub Committee to explore R&D Tax Relief
Update to Proposed R&D Reforms – Legislation Day 2022
The draft R&D legislation issued on L-day (20th July) as part of the draft Finance Bill 2022-23 is to be reviewed by the House of Lords Finance Bill Sub-Committee. The sub-committee will be considering various matters including if the changes in definitions have gone far enough in modernising the relief, how effective are the measures in countering error and fraud and how successful is the refocusing of the relief in encouraging UK activity without adverse consequences. As part of this review, the sub-committee invites contributions and is looking for views from as broad a range of people and organisations as possible. It is particularly interested in the experiences of SMEs in claiming relief and how they expect the changes set out in the draft legislation to affect them. The deadline for responding was 2 November 2022.