Attention all UK-Based MIA members! UK Government launches consultation on R&D tax relief

Attention all UK-Based MIA members!

UK Government launches consultation on R&D tax relief

R&D Tax Relief is a vital part of the financial budgets of our innovative manufacturing members and many others in the motorsport business community. The system is going to change and you are invited to have your say in those changes – please don’t ignore this opportunity, you may regret it!

The UK government has just launched a consultation on simplifying the UK's research and development (R&D) tax relief system so as to drive innovation and grow the economy.

The consultation runs to 13 March 2023 and sets out proposals on how a single scheme could be designed and implemented. 

This scheme would replace the two R&D tax relief schemes currently in place – i.e. Research and Development Expenditure Credit (RDEC) and small and medium enterprises (SME) R&D relief. This is part of the government's ongoing review of R&D tax reliefs announced in the Autumn Statement 2022. 

Victoria Atkins MP, Financial Secretary to the Treasury, said 'Getting R&D tax relief right and fit for the future is at the heart of ensuring the UK remains a competitive location for cutting edge innovation. I welcome views on options to simplify the scheme, especially from those who have direct experience of the existing tax reliefs.'

Please read and take part in this important consultation which can be accessed here