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<p>Research and Development (R&D) tax reliefs, including the small or medium-sized
enterprise (SME) scheme, support businesses to invest and are a core part of the government’s
support for innovation.</p><p> </p><p>Budget 2018 announced a cap on the payable tax
credit element of the SME tax relief scheme of three times the company’s total PAYE
and NICs liability for that year, to help prevent identified fraud and abuse of the
scheme. The Government consulted on how the cap would be applied to minimise any impact
on genuine businesses between 28 March and 24 May, and the responses to that consultation
are presently under consideration.</p>
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