Rushed R&D tax reforms need to be delayed

Accountancy bodies have called for a one-year delay to the rollout of new R&D tax rules, and criticised the inadequate consultation and lack of guidance during a House of Lords hearing. Sara White reports

With only six months to go before a major overhaul of R&D tax reliefs scheduled for April 2024, accountants and tax advisers told the members of the House of Lords Finance Bill Sub-Committee that there was confusion about how the system will work, no clarity on the use of subcontractors and no guidance on the intensive R&D scheme for SMEs.

Representatives from the key accountancy bodies told the sub-committee, chaired by Lord Leigh of Hurley, that they had serious concerns about the timetable for the rollout.

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