'Above the line' credit for research and development - CIOT comments

The CIOT comments, sent to HMRC on 27 June 2012, on proposals for implementing an 'above the line' research and development (R&D) tax credit, which will be more effective in supporting innovation in large companies. The Government’s aim is to do this in a way that is consistent with fiscal sustainability, simplicity and ease of administration within the tax system.