Additional Tax Relief for Research and Development intensive small and medium sized enterprises
This technical note gives details of a new higher Research and Development payable credit rate for Research and Development intensive small and medium sized enterprises.
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At Spring Budget 2023 the government announced that qualifying Research and Development (R&D) intensive small and medium sized enterprises (SMEs) would receive additional tax relief from 1 April 2023.
The government has published a technical note setting out how this relief, which will be legislated for in a future Finance Bill, will work.
It provides businesses with information before draft legislation and guidance is published later in the year, in particular explaining what is meant by an ‘R&D intensive’ company.