Delivering 33p/£, the SME R&D Tax Credit is one of the most valuable regimes of its nature across the globe. Companies qualifying for this incentive may nevertheless need to claim under the less generous Research & Development Expenditure Credit (‘RDEC’) which generates 9p/£.

This may arise when the company provides sub-contract R&D services to another, receives a subsidy or exceeds the size criteria by virtue of its own growth or by acquisition. This Guidance Note compares the two regimes . . .

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