Draft legislation restricts, but still allows, claims for overseas research and development
Biotech-sciences companies have welcomed proposed exemptions to UK R&D tax-credit legislation that would allow companies to claim for essential work done overseas.
HM Revenue and Customs published draft legislation on 20 July restricting the tax relief to companies conducting activities within the UK, but with some exemptions, for example, if research meets certain “geographical, environmental or social conditions” and legal or regulatory requirements “as a result of which the research and development may not be undertaken in the United Kingdom”.
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