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 SME R&D relief (pre‑1 April 2024): additional deduction—eligibility, notifications, rates, €7.5m cap, RDEC interaction, pre‑trading, claiming and compliance

Published by a LexisNexis Tax expert

Practice notes

SME R&D relief—additional deduction (pre-1 April 2024)

This Practice Note addresses the principal Research and development (R&D) relief for small or medium-sized enterprises (SMEs) for accounting periods beginning before 1 April 2024, subject to transitional provisions. For further detail, see Practice Note: SME R&D relief—tax credit (pre-1 April 2024). For the R&D expenditure credit that applies to periods beginning before 1 April 2024, see Practice Note: R&D expenditure credit (pre-1 April 2024). In this Practice Note, these two are collectively described as the pre-1 April 2024 schemes. For guidance on the schemes of relief for R&D 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).

SME R&D relief—additional deduction

Where the relevant conditions are satisfied, an SME company may claim an additional deduction equal to 186% of its qualifying research and development (R&D) expenditure when computing profits chargeable to corporation tax...

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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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