The focus for the new Prime Minister will be to stimulate economic growth in a challenging economic environment. Protecting our research base will be vital. This requires a tax regime that rewards investment in research and development. The Finance Bill 2022 – 23 includes Research and Development Tax Relief changes intended to, ‘incentivise investment by reducing the costs of innovation.’

In September 2022, NCUB and BDO: Accountancy and Business Advice hosted a roundtable for business and university representatives to examine the potential impact of these changes.

The roundtable was joined by HMRC to present the objectives of the draft legislation, followed by a presentation from BDO on the possible implications and group discussion. This will directly inform NCUB’s representation to the Finance Bill and its efforts to drive sensible policy in this area under the reformed Government.