UK HMRC has launched a consultation on draft measures meant to prevent abuse of R&D tax relief for SMEs. This includes the introduction of a limit on the amount of the payable tax credit that can be claimed by a company, which will be set at three times the company’s total PAYE and National Insurance contribution (NICs) payment for a period. The whole of the PAYE and NICs liability which is payable during the accounting period to which the claim relates will count towards the cap, not just that part which relates to staff involved in the R&D activity. If...