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In 2019/2020 broader refundability rules were proposed for the RDTI, to apply from year two of the scheme (i.e. the 2020/2021 tax year). The COVID-19 Response Bill brings forward those rules to apply in the first year of the scheme (the 2019/2020 tax year).
If you’re in a tax loss position or don’t have enough income tax to pay to use all your R&D tax credits, you may now be eligible to have your R&D tax credits refunded in cash. Qualifying businesses can receive R&D tax credit refunds up to a cap based on labour-related taxes.
