A review focused on the two R&D tax relief schemes - the Research and Development Expenditure Credit (RDEC) and the small and medium enterprises (SME) R&D relief, was open for comment after the spring Budget.

At the autumn Budget 2021, the government announced the reforms to R&D tax reliefs would come into effect from April 2023, to support modern research methods by expanding qualifying expenditure to include data and cloud costs, refocus support towards innovation in the UK and a raft of measures to target abuse and improve compliance.