Year to | 31.3.2020 | 31.3.2019 |
---|---|---|
Corporation Tax rate | 19% | 19% |
Research and development relief | ||
---|---|---|
SME enhanced expenditure deduction scheme* | 130% | 130% |
Large company R&D Expenditure Credit (RDEC) scheme** | 12% | 12% |
*Additional deduction for qualifying R&D
**Taxable expenditure credit for qualifying R&D
SMEs that make losses can surrender the deduction to HMRC in exchange for a payment of 14.5% of the loss.