Special report on R&D tax credit legislation

Legislation introducing the new R&D tax credit, which comes into effect from the 2008-09 income year, is part of the recently enacted Taxation (Business Taxation and Remedial Matters) Act 2007. The R&D tax credit provisions will be contained in the new Income Tax Act 2007, which has required them to be restructured to fit into the structure of that Act. For more information, see our special report on the R&D tax credit legislation, which is intended to give early assistance to potential claimants and their advisors in understanding the scheme of the provisions. A full description of the new legislation will appear in a 'Tax Information Bulletin' to be published in 2008.