Following a consultation earlier in the year, the UK government has published draft legislation on the proposed design of a merged R&D tax relief scheme. The draft proposes that the existing schemes – the R&D expenditure credit (RDEC) and the SME R&D relief – be merged into a single scheme that would operate as an above-the-line expenditure credit (in line with the current RDEC). Given the value of R&D tax relief to the life sciences…

HM Treasury (HMT) has launched a consultation seeking views on the design of a single, simplified research and development (R&D) tax relief scheme, merging the existing R&D expenditure credit (RDEC) and the small and medium enterprise (SME) R&D relief into an RDEC-like scheme. The new scheme, if implemented, would apply in respect of expenditure incurred from 1 April 2024. The integration of the existing schemes with a single approach may have a decisive impact on the future…