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: SME R&D payable credit (pre‑1 April 2024)—eligibility, intensity test, calculation, notification and PAYE/NICs cap

Published by a LexisNexis Tax expert

Practice notes

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SME R&D relief—tax credit (pre-1 April 2024)

This Practice Note addresses the principal Research and development (R&D) relief available to small and medium-sized enterprises (SMEs) for accounting periods that start before 1 April 2024, subject to any transitional rules, as considered in this guidance. For more detail, refer to Practice Note: SME R&D relief—additional deduction (pre-1 April 2024) and associated references. For further guidance on the R&D expenditure credit applicable to accounting periods commencing before 1 April 2024, see Practice Note: R&D expenditure credit (pre-1 April 2024). Collectively, this Practice Note calls these two arrangements the pre-1 April 2024 schemes within this note. For details on reliefs for R&D that broadly apply to accounting periods starting 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), respectively...

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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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