Policy paper
Research & Development (R&D) tax relief reforms
These measures combine the current Research and Development Expenditure Credit (RDEC) and R&D SME scheme into a merged scheme, implement the enhanced support for R&D intensive SMEs and restrict the use of nominations and assignments for R&D tax credit payments.
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Details
As announced at Autumn Statement 2023, the government will legislate in Autumn Finance Bill 2023 to:
- merge the current RDEC and R&D SME schemes for accounting periods beginning on or after 1 April 2024
- implement the enhanced support for R&D intensive SMEs that was announced at Spring Budget 2023, providing a higher rate of payable tax credit for eligible SMEs
- restrict the use of nominations and assignments for R&D tax credit payments
Updates to this page
Published 22 November 2023Last updated 23 November 2023 + show all updates
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The exchequer impact has been updated in 'Enhanced support for Research & Development (R&D) intensive small or medium enterprises (SMEs)' and 'Merger of current small or medium enterprise (SME) and Research and Development Expenditure Credit (RDEC) schemes'.
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First published.