Income tax credit
|12 Months Ended|
Dec. 31, 2022
|Income tax credit||
7. 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 £Nil (2021: £ and 2020: £5,485) which are included within other income.
Factors affecting future tax
On May 24, 2021, the U.K. 2021 Finance Bill was substantively enacted and subsequently received Royal Assent on June 10, 2021. Under this bill, the rate of U.K. corporation tax will increase to 25% in 2023, with lower rates and tapered relief to be applied to companies with profits below £250,000.
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 £886,660.
The entire disclosure for income taxes.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef