Changes in Research and Development Tax Allowances and Patent Box

With effect from the 1 April 2015 the tax relief for qualifying expenditure on R&D increases to 230% for the SME scheme and in addition large companies “above the line” expenditure credit increases to 11%.

The Patent Box scheme will close to new entrants in June 2016 although those companies with Patents within the scheme will continue to benefit from it until 2021.

These schemes encourage businesses to invest in research and development of new and innovative ideas by allowing significant tax advantages for both developing and exploiting those ideas.

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