Tax rates & allowances

Corporation Tax

Year to 31.3.2020 31.3.2019
Corporation Tax rate 19% 19%

Research and development relief
SME enhanced expenditure deduction scheme* 130% 130%
Large company R&D Expenditure Credit (RDEC) scheme** 12% 12%

*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.

Tax rates 2019-2020PDF document