Corporation Tax Rates

Year to 31.3.2021 31.3.2020
Corporation Tax rate 19% 19%
Research and development relief From 1.4.2021 From 1.4.2020
SME enhanced expenditure
deduction scheme*
230% 230%
Large company R&D Expenditure
Credit (RDEC) scheme**
13% 13%

*Additional deduction for qualifying R&D

**Taxable expenditure credit for qualifying R&D

SMEs that make losses can surrender the deduction to HMRC in exchange for a payment of 14.5% of the loss.

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