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Tax Credit for research and development
In April 2000 the Government introduced a new scheme enabling SMEs to obtain tax relief on research and development. The SME R&D tax credits allow for enhanced tax relief for certain R&D spending in two ways: an increase in the tax relief SMEs can claim for their qualifying non-capital R&D expenditure from the usual deduction of 100% to 150%;or a payable R&D tax credit for companies not in profit - a cash payment of £24 for every £100 spent on qualifying R&D.
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