The number of claims for UK research and development tax credits fell by 21% in the 2022-23 tax year, following a move to require claimants to provide more documentation.
The number of claims fell most sharply among small companies, who were required as of August 2023 to provide additional information to support R&D claims following concern over rising rates of non-compliance related to the relief, according to statistics released by His Majesty’s Revenue and Customs on Thursday.
- Despite the drop in the number of claims, the value of the average R&D claim increased by 28% in the same period, ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.