Treasury written question – answered at on 21 March 2023.
To ask the Chancellor of the Exchequer, with reference to paragraph 4.52 of the Spring Budget 2023, published on 15 March 2023, HC 1183, whether his Department plans to provide at least 12 months' notice before any research and development tax credit scheme merger.
As stated in the consultation on merging the research and development R&D tax schemes published on 13 January 2023, it is currently the Government’s intention that, if implemented, the new scheme will be in place for expenditure incurred from 1 April 2024. In order to keep open the option of a merged scheme, the government will publish a summary of responses to the consultation and draft legislation in the Summer.
Any further changes as a part of the ongoing R&D tax reliefs review will be announced at a future fiscal event, including a final decision on whether to merge the R&D expenditure credit and SME schemes.
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