Income tax credit
|12 Months Ended|
Dec. 31, 2021
|Major components of tax expense (income) [abstract]|
|Income tax credit||
Schedule of detailed information about components of income tax expense
Included within corporation tax receivable are research and development tax credits of £ (2020: £5,485 and 2019: £576,161) which are included within other income.
Factors affecting future tax
In March 2021, the U.K. Government announced that from April 1, 2023 the corporation tax rate would increase to 25% for U.K. companies with annual profits of £250,000 or higher. This was substantively enacted on May 24, 2021.
If the Group’s deferred tax balances at the period end were remeasured at 30% this would result in the unrecognized deferred tax asset increasing by £1,025,688.
TC BIOPHARM (HOLDINGS) PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
The entire disclosure for income taxes.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef