HM Treasury has released the long-anticipated draft legislation in response to their wide ranging R&D Tax Reliefs Consultation published last year. In the Spring Statement, the UK Government pledged their support to create ‘a new culture of enterprise’, with one of the three priorities being – a pledge to increase public investment in R&D, and doing more through the tax system to encourage greater private sector investment in R&D.
Here are some of the key changes that we can confirm will be in effect for accounting periods starting on, or after 1 April 2023.
Transfer pricing
UK transfer pricing documentation: draft legislation released on 20 July 2022. Further details can be found here.
PwC comments on June 2022 ONS retail figures – excluding petrol, overall retail sales volumes fell by 6% compared to last year, with pounds in the till only really rising due to inflation, which has already risen to almost double digits.
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