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New approach could narrow scope of R&D tax relief

R&D tax relief has been a valuable source of innovation funding for thousands of UK businesses since it was first introduced but HMRC’s approach to subsidised expenditure could soon see many of those claiming for customer-led R&D at risk of challenge, warns Jenny Tragner CA ATT, technical director at ForrestBrown

Covid-19, Brexit and the resulting economic downturn have wreaked havoc in the UK during the last 18 months. Over 800,000 people have lost their jobs and the economy has shrunk by 9.9%. However, the tide has finally started to turn.

Businesses are now focusing their attention back on growth and recovery, rather than just survival, and for many of them, research and development (R&D) tax relief is playing a vital role in their efforts.

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