FA 2012 applies improvements to the R&D tax relief schemes that follow a period of consultation that began in November 2010. Specifically, in relation to the SME scheme, the rate of relief has been increased to 225%, the restriction on payable credits to the PAYE and NIC liability of the company has been removed and the definition of a going concern has been clarified. Applicable to both SME and large companies, the minimum expenditure rule has been removed and the definition of externally provided workers has been widened. The changes are intended to remove barriers to companies claiming relief and provide greater certainty to small start-up companies about what costs qualify for the credit.
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