Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

SMEs definition

What does SMEs mean? In legal practice, SMEs refers to small and medium-sized enterprises—businesses below specified size thresholds—used to determine eligibility for particular legal regimes, reliefs and obligations. It is a descriptive term used across multiple contexts rather than a single universal legal definition. Specific definitions vary by regime: - Company law: the Companies Act 2006 sets thresholds for “small” and “medium-sized companies” that govern accounting, audit and filing exemptions in England & Wales, Scotland and Northern Ireland. - Tax and subsidies: UK schemes (for example, R&D tax relief and subsidy control) use scheme-specific SME thresholds. Always check the relevant legislation or HMRC/BEIS guidance. - Public procurement and...

UK corporation tax: pre-2017 vaccine research relief for large companies - 140% superdeduction, qualifying R&D and claims [Archived]

Published by a LexisNexis Tax expert

Practice notes

ARCHIVED : This Practice Note has been archived and is not maintained.

A specific regime formerly provided corporation tax relief for qualifying expenditure:

incurred by large companies before 1 April 2017
on research and development (R&D) relating to certain vaccines and medicines

The regime was repealed for large companies by Finance Act 2016 and does not apply to expenditure incurred on or after 1 April 2017. (For small and medium-sized enterprises (SMEs), it was withdrawn for expenditure incurred on or after 1 April 2012). This Practice Note explains the regime as it applied to large companies for expenditure incurred before 1 April 2017. Note that vaccine research relief was unaffected by the replacement of the large companies’ R&D relief with the R&D expenditure credit (RDEC) from 1 April 2016 (or by an earlier election); it continued to operate as a superdeduction until its abolition for large companies...

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Web page updated on 22/05/2026

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