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The Government announced in the autumn of 2011 that it would introduce an ATL R&D credit for large companies. This consultation seeks the views of businesses and other stakeholders on how such a credit should work, ahead of its introduction in April 2013.
The Government wants an ATL credit that works well for all business, provides the best mechanism for supporting UK R&D investment and is simple for both business and HMRC to administer.
David Gauke, Exchequer Secretary to the Treasury, said: “The Government is committed to encouraging research, development and innovation in order to achieve higher growth. We will ensure that the UK is an internationally competitive environment for all companies to innovate.
These changes come after recent reforms to improve the R&D tax credit for small businesses, and to make the SME scheme significantly more generous. Following consultation, the Government is not proposing to change the existing SME R&D tax credit to an ATL credit, and the level of support under the small business scheme will not be reduced as a result of these changes.