Minister welcomes new tax relief booklet

Enterprise Minister Arlene Foster has welcomed a new booklet which explains how firms can take advantage of tax relief for research and development (R&D).

The booklet, published by Revenue and Customs (HMRC), contains the information needed to find out if R&D tax relief can reduce a company’s tax bill or, for some small or medium sized companies, provide a payable cash sum.

The Minister said: “Northern Ireland has some outstanding R&D intensive firms across all key sectors. We must continue to build on this and make R&D an integral part of the region’s business culture.

“Through the development of new products and processes or the improvement of existing ones, new lucrative opportunities can be opened up, that may not otherwise have been available.

“Together with HMRC, we are all working collaboratively to support companies as they seek to create a prosperous economic future for Northern Ireland.”

David Stewart, Head of HM Revenue & Customs Northern Ireland Corporate Tax Office (NIrCTO) said: “Research & Development (R&D) tax relief provides financial support for companies who are involved in or thinking of starting, research and development.

“There may be companies in Northern Ireland already carrying out R&D that do not realise that they might qualify for tax relief. This booklet is aimed at helping companies, and their professional advisors, consider whether their work qualifies for R&D tax relief. It provides straightforward definitions and explanations of the schemes, and gives guidance on where you can find help and further information.

“By working jointly with the Department of Enterprise, Trade and Investment, Invest NI and other professional bodies in Northern Ireland, HMRC will continue to promote the availability of R&D tax relief and support those companies engaged in innovative research and development activity; activity which can stimulate economic growth.”

Notes to editors:

1. An electronic copy of the booklet is available to download at the HMRC Website

2. NIrCTO is part of HM Revenue & Customs (HMRC), and was established in July 2007 to help promote corporate inward investment and local business expansion, and increasing the take up of Research & Development Tax Relief in Northern Ireland. They aim to achieve this by working closely with:

· companies and their financial advisors
· local government
· regional economic development bodies.

3. For media enquiries, please contact DETI Press Office on 028 9052 9297. Out of office hours, please contact the Duty Press Officer via pager number 07699 715 440 and your call will be returned.