HMRC’s New Brain Trust: Six Experts, One R&D Tax Tune-Up
The Big Picture: The UK wants its research & development (R&D) tax reliefs to spark innovation, not administrative migraines. So HM Revenue & Customs just hired a specialist six-pack of independent pros to give the incentive a makeover, International Tax Review reports.
The Details:
• The freshly minted Expert Advisory Panel features voices from industry and academia charged with stress-testing every rule, form and eligibility checklist tied to the UK’s dual R&D schemes.
• HMRC’s marching orders: trim red tape, curb abuse and keep the UK “competitive for cutting-edge investment,” the Review notes.
• The panel lands just months before the government’s planned merger of the SME and RDEC regimes in April 2026, giving the group an early, high-stakes to-do list.
Why It Matters / What They’re Saying: The reaction was swift across tech and life sciences boards. Firms welcomed a chance to “finally add real-world usability into policy,” while tax advisers warn that tighter rules could squeeze cash-hungry start-ups. For more insights on adapting to new tax regulations, check out our Introduction To Nigerian Tax Laws. Either way, expect the panel’s findings to set the tone (and the paperwork) for billions in future R&D claims.
Around the Tax World
• London banks feel the pinch…again. The city’s total tax rate will tick up to 46.6% in 2026, cementing a gap with rivals like New York that don’t levy bank-specific taxes, according to Retail Banker International. For insights on market-specific reforms, readers may also consider Nigeria’s New Tax Playbook Ruffles Aviation, Woos Big Tech.
• £43.3 billion and counting. The latest Total Tax Contribution study pegs the UK banking sector’s 2025 bill at that eye-watering figure, one-third higher than a decade ago (UK Finance).
• Offshore evaders under the microscope. HMRC is bulking up with 400 extra specialists and a new Complex Cross Tax & Offshore unit to chase hidden accounts abroad, Bloomberg Tax says.
• Sri Lanka’s ‘ruinous’ tax mix. Human Rights Watch claims recent hikes are deepening inequality and squeezing basic services, per Eurasia Review.
By the Numbers
Tax Stat of the Day: £43.3 billion, the UK banking sector’s total tax contribution for the year to 31 March 2025, up a third since 2014 (UK Finance).
Looking Ahead
All eyes are now on the expert panel’s first recommendations, expected early 2026, just in time to shape the merged R&D regime and the spring Budget debate. For a broader understanding of comprehensive tax reforms, including those in emerging markets, check out our Nigerian Tax Laws 2025 - Comprehensive Tax Reform Legislation page.
Prepared by MyTax - mytax.com.ng