• Service: Tax, Global Indirect Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 5/24/2013

United Kingdom - R&D expenditure credit amendments 

May 24: Amendments relating to the new R&D expenditure credit affect the mechanics of the payment only, to rectify a small computational error. No additional fundamental changes are introduced.

HM Treasury restated its intention that all large companies claiming under the R&D expenditure credit are to receive the same net benefit—regardless of their corporation tax liability—which is achieved by certain mechanistic adjustments to the way the payable element of the credit is calculated.

The KPMG report also discusses these topics:

  • European Council conclusions on tax evasion and aggressive tax planning
  • Supreme Court judgment in Marks and Spencer
  • Payments of trail commission and similar payments - update
  • Real time information (RTI) - benefits in kind removed from coding notices
  • Section 690 directions and tax treaty relief
  • Consultation: NICs treatment of self-employed entertainers
  • VAT - NEC, whether booking fee-exempt

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