Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Budget definition

What does Budget mean? In legal practice, Budget describes the government’s annual fiscal statement setting out the economic outlook and proposed changes to tax and public spending, which practitioners track for rate, relief and compliance changes and commencement rules. United Kingdom: The Chancellor of the Exchequer delivers the Budget to the House of Commons, now typically in the Spring (the Spring Budget). Alongside the Autumn Statement, it is a principal fiscal event. “Budget” is not defined in legislation; it is a parliamentary convention. Its legal effect arises through Ways and Means resolutions and the ensuing Finance Bill/Finance Act, with certain measures given temporary effect...

UK corporation tax: qualifying R&D expenditure for SME relief and RDEC (accounting periods beginning before 1 April 2024), including subcontracting, staffing, software/data/cloud and subsidy rules

Published by a LexisNexis Tax expert

Practice notes

Qualifying R&D expenditure (pre-1 April 2024)

This Practice Note sets out the scope of qualifying expenditure for two R&D relief schemes, each subject to detailed commencement and transitional provisions:

the Research and development relief for small or medium-sized enterprises (SMEs) for accounting periods beginning before 1 April 2024—see Practice Notes: SME R&D relief—additional deduction (pre-1 April 2024) and SME R&D relief—tax credit (pre-1 April 2024); and
the R&D expenditure credit scheme applying to accounting periods beginning before 1 April 2024—see Practice Note: R&D expenditure credit (pre-1 April 2024).

Together, this Practice Note refers to these as the pre-1 April 2024 schemes.

For information about the reliefs generally applying to accounting periods beginning on or after 1 April 2024, see Practice Notes: The merged R&D expenditure credit (post-1 April 2024) and Enhanced relief for R&D-intensive loss-making SMEs (post-1 April 2024). For details on what counts as qualifying R&D expenditure for those two post-1 April 2024 schemes, see Practice Note: Qualifying R&D expenditure (post-1 April 2024)...

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David O’Keeffe

Aiglon Consulting

I am an independent specialist adviser on the taxation of innovation, advising companies and other advisers on areas such as R&D tax relief, Patent Box and Creative Industry reliefs. I am a member of the London Society of Chartered Accountants’ tax committee as well as CIOT’s Corporation Tax technical Committee (and chair the R&D Working Group of that committee)....

Web page updated on 22/05/2026

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