Corporation Tax
| Year to | 31.3.2022 | 31.3.2021 |
|---|---|---|
| Corporation Tax rate | 19% | 19% |
| Research and development relief | ||
|---|---|---|
| SME enhanced expenditure deduction scheme* |
130% |
130% |
| Large company R&D Expenditure Credit (RDEC) scheme** |
13% |
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 (capped at £20,000 plus 3 x PAYE & NIC for periods beginning from 1.4.21).