To ask the Chancellor of the Exchequer, pursuant to the Answer of 4 November 2021 to Question 67147, where the further details on R&D tax reliefs have been published; and what assessment was made of the financial impact of the changes to R&D tax credits prior to announcing those changes in the Autumn Budget 2021 and Spending Review.
10 January 2022
At Autumn Budget 2021, the Government announced reforms to Research & Development (R&D) tax reliefs to support modern research methods by expanding qualifying expenditure to include data and cloud costs, to more effectively capture the benefits of R&D funded by the reliefs by refocusing support towards innovation in the UK, and to target abuse and improve compliance. The report published on 30 November 2021 set out further details of the Government’s approach, and sought stakeholder views ahead of draft legislation later in 2022: https://www.gov.uk/government/publications/rd-tax-reliefs-report
When final policy decisions have been reached, the Government will publish any effects on the public finances.