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July 23, 2026
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CFO R&D Tax Survey: Results Overview

RCK Partners commissioned independent research conducted by Censuswide, surveying 254 CFOs from R&D-active SMEs that have claimed, or considered claiming, R&D tax relief within the last five years. The data was collected between 01/07/2026 - 07/07/2026.

Featured by The Times, this research explores the impact of recent R&D tax relief reforms on UK SMEs. As the first independent primary study of its kind, it provides a comprehensive assessment of how these changes are affecting innovative businesses across the UK.

July 2026, London.

* Censuswide is a member of the Market Research Society (MRS) and the British Polling Council (BPC), and a signatory of the Global Data Quality Pledge. They adhere to the MRS Code of Conduct and ESOMAR princip

Results summary

The research reveals that reforms introduced by HMRC to prevent abuse of the R&D tax relief scheme have led genuine innovators to cancel research, shelve projects, and reduce headcount amid growing uncertainty.

The findings revealed the following key statistics:

62
have reduced investment in R&D
35
have hired fewer technical staff than planned
20
have cancelled innovation projects
30
have taken out loans or other external finance to manage delays in receiving R&D tax relief
72
agree that the time HMRC takes to process and pay R&D claims makes the relief too unreliable to factor into their financial planning
71
say the current R&D tax relief scheme is less attractive for their business than it was four years ago
71
say the compliance burden associated with claiming R&D tax relief is disproportionate to the financial benefit

Q1. Which of the following, if any, has your business done as a direct consequence of changes to the UK's R&D tax relief regime? (Select all that apply)

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Q2. Thinking specifically about changes to the UK's R&D tax relief regime, what impact, if any, have those changes had on your company's R&D investment decisions?

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Q3. In the last 5 years, what, if anything, have delays or uncertainty in receiving R&D tax relief payments led your business to do? (Select all that apply)

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Q4. The UK now restricts R&D tax relief for most overseas R&D and development costs. How has your business responded, if at all?

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Q5. Why, if for any reason, did you decide against relocating that work in the UK? (Select all that apply)

*Those who decided against relocating that work in the UK
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Q6. If your business has been through an HMRC enquiry or compliance check into an R&D claim, what was the longest period you went without any substantive update from HMRC?

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Q7. In the last five years, has HMRC ever paid out an R&D tax relief claim to your business and then later opened a compliance check seeking to reduce or recover that relief?

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Q8. The time HMRC takes to process and pay R&D claims makes the relief too unreliable to factor into our financial planning. To what extent do you agree or disagree with this statement?

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Q8 cont. The current R&D tax relief scheme is less attractive for our business than it was four years ago. To what extent do you agree or disagree with this statement?

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Q8 cont. The compliance burden associated with claiming R&D tax relief is disproportionate to the financial benefit. To what extent do you agree or disagree with this statement?

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