The Research and Development Relief (Information Requirements etc.) Regulations 2024 refine and enhance the administration of tax reliefs available for research and development (R&D) activities. These regulations specify the information and documentation requirements necessary for businesses to claim R&D tax relief, aiming to streamline the process and ensure the integrity of claims.
These regulations were introduced to support and encourage investment in R&D by simplifying the claim process and ensuring that only eligible activities and expenditures are claimed. By setting clear information and documentation standards, the regulations aim to prevent abuse of the relief and facilitate its administration. By clarifying the information requirements and streamlining the claim process, these regulations not only support innovation but also maintain the integrity of the tax system.
As of September 2024, these regulations are in effect. Businesses involved in R&D activities should ensure they are fully compliant with the new requirements to take advantage of the tax reliefs available, fostering an environment of innovation and growth within the UK economy.
