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R&D Tax Credits for SMEs — Next Steps

 
Anne Fairpo Rawlinson & Hunter discusses the recent joint HMRC and HM Treasury paper on R&D tax credits in the context of SMEs
 
Research and development (R&D) tax credits were introduced for small and medium-sized enterprises in 2000 giving a 150% credit for qualifying expenditure on qualifying research and development; a 24% repayment option was available for loss-making SMEs. The credit was extended in 2002 to large companies which could claim a 125% deduction without a repayment option.
 
The R&D tax credits are intended to raise levels of research and development in the UK; the Government acknowledges that R&D benefits spill across the whole of the economy and that R&D is considered to be an important driver of productivity growth.
 
In the wider political context...

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