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R&D Tax Changes: At a Glance

In last years' Spring Budget, the government announced its tax and spending plans. These included several changes to R&D tax relief:

SME Rate Changes (After 1st April):

  • Additional deduction reduced from 130% to 86%

  • Credit reduced from 14.5% to 10% (except for R&D intensive SMEs)

RDEC Rate Change (After 1st April):

  • Gross RDEC increased from 13% to 20%

Pre-Notification (After 1st April):

  • Companies will need to notify HMRC within 6 months of their year end if they intend to make an R&D claim, unless they have submitted a claim in the last 3 years.

Mandatory Additional Information:

  • From 1 August 2023, claims will not be valid unless an additional information form has been filed providing details of the company costs and projects being claimed.

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