Tax rates & allowances

Corporation Tax

Corporation Tax

Year to 31.3.2019 31.3.2018
Corporation Tax rate 19% 20%

Research and development relief From 1.1.2018 From 1.4.2015
to 31.12.2017
SME enhanced expenditure
deduction scheme*

130%

130%
Large company R&D Expenditure
Credit (RDEC) scheme**

12%

11%

*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 2018-2019PDF document