Research and Development Tax Credit
(asked on 27th March 2023) - View Source
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 23 March 2023 to Question 167111 on Research and Development Tax Credit, whether his Department has made an estimate of the number and proportion of SMEs claiming R&D tax credits that have R&D expenditure of between 25 and 39 per cent of their total expenditure.
This question was answered on 3rd April 2023
For 2023/24, it is estimated that there will be around 7,000 Small and Medium-Sized Enterprises (SMEs) claiming R&D tax credits that will have an R&D expenditure between 25 percent and 39 percent of their total expenditure. This is based on 2019-20 data projected forward in line with the Office for Budget Responsibilities economic forecasts, so is subject to the usual uncertainties surrounding forecast values.
For 2023/24, it is estimated that there will be around 7,000 Small and Medium-Sized Enterprises (SMEs) claiming R&D tax credits that will have an R&D expenditure between 25 percent and 39 percent of their total expenditure. This is based on 2019-20 data projected forward in line with the Office for Budget Responsibilities economic forecasts, so is subject to the usual uncertainties surrounding forecast values.
To support those most impacted by the R&D tax relief rate changes announced at Autumn Statement 2022, the additional tax relief for R&D intensive SMEs announced at Spring Budget 2023 is targeted specifically at loss making R&D intensive SMEs, who are most impacted by the changes.