Loss-making firms to get R&D refunds in proportion to payroll

Loss-making firms to get R&D refunds in proportion to payroll
Pattrick Smellie
By Pattrick Smellie July 12 (BusinessDesk) - Loss-making companies that invest in eligible research and development will be able to claim cash refunds in proportion to their payroll figures from the 2020/21 tax year. The policy, hidden in an omnibus tax bill tabled in Parliament in late June, represents an important last step in the government's decision to stop relying on direct grants from Callaghan Innovation and allow individual firms to claim the cost of research against their payroll tax liability instead. The policy answers the ...

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