The scheme was launched in 2000 for small and medium-sized enterprises (SMEs), with a separate large company scheme launched in 2002. The Large Company Scheme was discontinued in April 2016 when the RDEC scheme took over. Any business that conducts eligible research and development may be eligible for the tax credit.
The definition of eligible R&D and eligible costs are fairly broad, and many successful R&D tax relief recipients find that eligible R&D activities are spread across their company's range of operations. R&D tax credits have withstood changes in government and the 2008 financial crisis, and remain a central pillar of government business policy today.
To know more about the advantages of R&D tax credits you can run through our guide R&D tax credits explained which explains the process and helps you understand R&D claims.