Research and Development Tax Credit

Treasury written question – answered on 21 March 2023.

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Photo of Chi Onwurah Chi Onwurah Shadow Minister (Business, Energy and Industrial Strategy)

To ask the Chancellor of the Exchequer, with reference of paragraph 4.51 of the Spring Budget 2023, HC1183, published on 15 March 2023, what estimate his Department has made of how many small and medium-sized enterprises in each region are eligible for additional tax relief for Research and Development intensive small and medium-sized enterprises ..

Photo of Victoria Atkins Victoria Atkins The Financial Secretary to the Treasury

The government expects that around 20,000 SMEs per year across the UK will benefit from the additional tax relief for loss-making R&D intensive SMEs that was announced at Spring Budget.

HMRC publish annual statistics on the regional distribution of R&D tax credit claims by the company’s registered address (the registered address may not be where actual R&D activity is carried out) here: https://www.gov.uk/government/statistics/corporate-tax-research-and-development-tax-credit

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