SOME GOOD news has arisen from the Brexit maelstrom and the biotech industry in the UK has been handed an early Christmas present.
Given the forthcoming general election and closing of Parliament, there is no time this year for any proposed draft law on the PAYE cap on R&D tax credits to be released or debated.
Therefore, the proposed start date of the PAYE cap (accounting periods beginning on or after 1 April 2020) is NOT going to happen. This is great news for now and whether the PAYE cap is ever introduced or is abandoned remains to be seen.
Huge thanks to everyone who responded and made their views known, it has all contributed to the body of evidence presented to Government in defence of keeping the PAYE R&D threshold as it is.
At Confluence Tax we are looking forward to engaging with the new Government whenever it emerges and continuing to push for supportive measures for the life sciences industry.
As ever, all feedback or political cartoons welcomed.
Colin Hailey | Partner
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