Weekly tax highlights ― 6 January 2024

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Direct taxes

HMRC accepts decisions on R&D subsidies and contracting out

HMRC has decided not to appeal against two recent tribunal decisions involving contracted-out and subsidised R&D, and has issued guidance on the additional information form and voluntary disclosures of overclaimed relief.

HMRC has confirmed to the CIOT that it has decided not to appeal the FTT decisions on contracted-out and subsidised R&D in Collins Construction Ltd v HMRC [2024] UK FTT 951 (TC) and Stage One Creative Services v HMRC [2024] UKFTT 1059 (TC). Those cases related to the pre-2024 R&D regime for SMEs but will be of particular interest to advisers who have ongoing cases involving questions around subsidies and subcontracting. HMRC says it intends to publish guidance in February 2025.

HMRC has also issued the following new and revised guidance relating to R&D tax relief claims:

•
new guidance on making a voluntary disclosure of overclaimed R&D tax relief where the claim cannot be corrected via the company tax return because the time limit

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