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However, although both are attended by an almost feverish anticipation, there the comparison ends.
Whilst the novelty of many presents wears off as soon the wrapping paper is torn away, Rachel Reeves' package of measures will continue to be the gift that keeps on giving for some time to come...at least to those who are tasked with understanding what it all means and its implications for ourselves and our clients.
For a lawyer like myself working with entrepreneurs nationwide, my attention was not so much drawn to the £26 billion in new tax rises which were unveiled but what the Chancellor had to say about innovation.
And she had to say quite a bit.
Mrs Reeves' speech contained no fewer than 71 separate references to it the most succinct of which outlined the Government's role in "championing innovation, not stifling it".
Innovation is considered so important for the future of the UK's economy, in fact, that a companion paper to the main Budget address published on the same day that the Chancellor unveiled her proposals to the House of Commons spelt out a vision of making it "the best country to invest anywhere in the world".
Labour's so-called "modern Industrial strategy" acknowledges that a key element in making that a reality is greater central government investment in research and development (R&D), funding which is anticipated to reach £22.6 billion within the next five years.
One component in that overall package is the provision of R&D tax relief - effectively, a relief incurred by companies engaged in projects to advance science or technology - to encourage the private sector to invest in innovation.
Currently, there are a number of schemes, two of which apply to accounting periods beginning on or after the first of April 2024.
They are called Enhanced R&D Intensive Support (ERIS), is aimed at research-intensive, loss-making small to medium-sized businesses (SMEs), while the other - R&D Expenditure Credit (RDEC) - is available to all other firms.
A brace of similar schemes in force before last year (the old SME and RDEC schemes) will still apply for another 12 months in the case of claims relating periods before 2024.
The Budget may have underlined the central place which innovation has in the Government's plans but did not extend or improve the rates of relief for those businesses carrying out qualifying activity under the R&D schemes now in place.
Yet the lack of substantial difference may have been welcomed by some businesses and tax advisors because of the substantial changes already made since 2021, changes which some people are still getting to grips with.
Rachel Reeves made no alteration to benefits available under the Patent Box tax relief system either. That scheme provides a reduced rate of 10 per cent Corporation Tax on IP profits.
However, the decision not to make any changes there could be interpreted as something of a missed opportunity, especially for an administration keen to use innovation as a trigger for economic growth.
The most recent HMRC data shows that only 1,650 companies claimed Patent Box tax relief, a low take-up rate blamed in part on how complex that scheme is considered to be.
Simplifying the rules on how it operates might have been regarded as another way of helping the Growth Strategy by encouraging more firms to capitalise on IP generated from products arising out of their R&D work.
The reforms to the R&D tax relief schemes and HMRC's increased focus on compliance has resulted in uncertainty, something which can be evidenced from figures released by HMRC in September showing a 44 per cent drop in the number of claims for such relief during the 2023-24 tax year compared to that just two years before.
Efforts to tackle abuse of the R&D tax reliefs have been driven by a substantial increase in the number of compliance checks since 2021. According to HMRC, 17 per cent of all R&D tax relief claims are now examined by its ISBC (Individuals and Small Business Compliance) unit.
The number of personnel dedicated to compliance has risen five-fold over that period.
Whilst I am sure that everyone would endorse prudent use of public monies and the eradication of both mistakes and deliberate abuse, there are consequences for genuine companies and legitimate claims.
Firms whose claims are among those scrutinised by the taxman often and unfortunately find that the process can be unwieldy and time-consuming.
In addition, there have been instances in which mistakes are made in the Revenue's own assessments.
That has contributed to an overall and stubborn lack of confidence in HMRC's ability to get things right - a factor contributing to falling application numbers and why the Government and the Revenue are taking steps to try and improve matters.
A continued investment in education, more training of HMRC's own staff and the launch of a new expert panel is being followed next spring by the launch of on a trial basis of a targeted "Advance Assurance Scheme" in R&D tax relief.
That pilot is the result of a consultation earlier this year about how to restore confidence in the R&D credit scheme and will give applicants an early indication of whether their attempts to secure the tax relief will succeed.
Although it isn't necessarily a guarantee of a payout, it does provide the kind of clarity which is so sought after by enterprises exploring the viability of pursuing cost and labour-intensive innovation projects.
Before this new initiative gets off the ground, my week is generally taken up with many requests from businesses wanting to navigate HMRC's compliance requirements.
They fully appreciate the imperative for Government to have individuals and enterprises pay the right amount of tax, and are committed to the idea of innovation in the UK.
What they demand is expert help in comprehending what they have to do to satisfy the rules and receive Revenue support if they are ultimately entitled to it.
I don't think that the new regime will dramatically affect the volume of HMRC enquiries which I assist.
Even so, I think the change and the Chancellor's renewed accent on innovation is a positive development.
There may not be new rates and structures but there is a determination to ensure what is in place works well.
Please contact Caroline to discuss any of the above further carolinewalton@bexleybeaumont.com | 07879406013
