On 27 October 2021, Chancellor of the Exchequer Rishi Sunak announced a number of key spending pledges and tax changes. We have set out some of the highlights below:
Businesses
From April 2023, the qualifying expenditure definition for R&D tax relief will be expanded to include data and cloud costs. It was stressed that R&D will be refocused to ensure that the relief benefits the UK, hinting towards relief being restricted for R&D activities performed overseas. Further details regarding the government's plans for R&D, including tackling abuse of the relief and improving compliance, will be set out later in the autumn.
The increase in the main rate of corporation tax from 19% to 25% was confirmed, and will apply fr...
Read more
We’re available
Mon - Fri: 9am - 5:30pm