At the end of 2023, the government published draft legislation with details of the new regime for R&D tax relief, “the merged scheme” which will replace the existing SME and R&D Expenditure Credit (“RDEC”) schemes for accounting periods commencing on or after 1 April 2024.
It also introduces various other changes, some of them previously announced and some in the Autumn Statement.
It is vitally important that all companies claiming R&D tax relief are aware of the proposed changes and plan accordingly, as all claimants are likely to be affected. There are, however, questions and uncertainties arising from the current draft legislation, especially as companies transition to the new rules.
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