10 March 2021 
Andrea Marshall, Tax Specialist
The Chancellor's Budget Speech includes reference to an R&D Tax Reliefs consultation. Universities are included in the list of those who are invited to respond. The deadline for responses is 2 June 2021.
The purpose of the consultation is described as follows:
The government has an ambitious target to raise total investment in research and development to 2.4% of UK GDP by 2027. R&D tax reliefs have a key role in incentivising this investment by reducing the costs of innovation. It is therefore important to ensure that the reliefs remain up-to-date, competitive and well-targeted.
At Budget 2021 the government announced a review of the reliefs, supported by a consultation with stakeholders. This consultation will explore the nature of private-sector R&D investment in the UK, how that is supported or otherwise influenced by the R&D relief schemes, and where changes may be appropriate.
Andrea will be pulling together a small working group on this topic. We will hold a call in early April and Andrea will draft an inital response for comment.
If you would like to be involved in the working group please email Andrea.
Added 10/3/21: More information can be found in this KPMG alert.
