Tax rates & allowances

Corporation Tax

Year to 31.3.2018 31.3.2017
Corporation Tax rate 19% 20%

Research and development relief From 1.4.2017 From 1.4.2016
SME enhanced expenditure deduction scheme* 130% 130%
Large company R&D Expenditure Credit (RDEC) scheme** 11% 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 2017-2018PDF document