"Dark ages" in UK for R&D tax policy

Changes to the UK's tax credit system have been branded as "taking the R&D scheme back to the dark ages," according to David O'Keefe, R&D tax  partner at international management consulting and accountancy giant  KPMG. The government's attempts to promote the UK as a global center for  pharmaceutical development have been welcomed by industry groups, such  as the Association of the British Pharmaceutical Industry and the  BioIndustry Alliance (Marketletters passim). However, Mr O'Keefe was  scathing about Her Majesty's Revenue & Customs Service, which has  implemented a new interpretation of what constitutes investment for  tax credit purposes.