Gerry MacCrossan
The Chancellor has again expressed concerns about the alleged abuse of Research & Development (R&D) tax reliefs.
Alongside plans to merge two existing schemes in the future, he announced that from the 1st of April 2023:
- The Research and Development Expenditure Credit (RDEC) available to non-SME companies would be increased from 13% to 20%.
- For SME companies, the additional R&D tax relief deduction will be reduced from 130% to 86%.
- For loss-making SME companies, the payable credit will be reduced from 14.5% to 10%.