TAX INCENTIVES
GOOD NEWS UK Tax
For the Wind Energy industry these developments are good news. The scale of wind energy and constant drive for greater efficiency mean innovation and development qualifying for R&D incentives are ever present.
Incentives for Innovation
As the wind industry continues to strive for greater efficiency and reduced deployment costs, Kate Mitchell of PwC looks at the recent changes to the UK’s tax incentives for innovation.
Governments around the world are aware that innovation operates in a competitive global marketplace and are increasingly introducing incentives to attract skills-based investment and boost economic recovery. This is no doubt at least partly behind the UK government’s recent changes to the R&D tax credit regime (although pressure to change the UK’s other main form of tax relief for innovation, the Patent Box, has come from a different source).
Recent changes to the R&D regime seek to encourage companies to undertake more R&D activities in the UK. The ‘large’ company R&D regime now offers a 10% expenditure credit that is more akin to a grant than the historic ‘super’ tax deduction, giving the incentive more visibility and making it easier to evaluate the reduced cost of locating development in the UK compared to other territories.
Furthermore, there’s no need for intellectual property (‘IP’) to be owned in the UK and it’s no longer necessary to have profits in the UK in order to get a cash benefit from the new R&D expenditure credit, making this new regime far more attractive to some businesses.
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www.windenergynetwork.co.uk
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