Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Clampdown on R&D tax relief.

Document Cited in Related
Vincent
PositionFirst in ... All the latest news affecting accountants in business, including regulations updates

Increasing numbers of claims for research and development tax relief are being challenged by HM Revenue & Customs, according to Grant Thornton.

These challenges are based on a narrower interpretation of existing rules for tax super-deductions on costs incurred for R&D activity and, if this interpretation becomes official, it may prohibit claims relating to products and services supplied to customers. Costs relating to R&D testing and design are not prohibited, although costs could be affected if they involved a prototype that was sold rather than scrapped.

"This isn't the only area where HMRC is becoming more aggressive. It is challenging the 100 per cent claim that businesses can make for staff time and also making narrower interpretations of the rules on ownership of intellectual property and subcontracting conditions," said Samantha Vanags, technology and R&D tax partner at Grant Thornton.

IFAC sent a letter to September's G20 summit in Pittsburgh recommending the adoption of global standards for accounting, auditing and auditor independence to improve the ability of capital markets to work globally. It also called for the worldwide adoption of international public-sector accounting standards. Visit www.ifac.org/financial-crisis to view the letter.

The Institute of Cost and Management Accountants of Pakistan (ICMAP) has signed a memorandum of understanding with ClMA to allow advanced entry for students into both bodies' exams. The agreement introduces a new CIMA professional gateway exam for ICMAP members and students who have passed all ICMAP's...

To continue reading

Request your trial
COPYRIGHT TV Trade Media, Inc.
COPYRIGHT GALE, Cengage Learning. All rights reserved.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT