Maya Forstater

Yes. When qualifying R&D is carried out it creates a negative tax charge as companies get a repayment of tax if the CT liability can't absorb the credit. There is no general 3.3% (though very specific figures could give that result I suppose).

Going to bet they looked at the 25% r&d credit and multiplied it by the CT rate.

That gives 3.125%. The mystery continues.

It’s probably something equally bats though.

Yep. Despite the helpful suggestions here I remain at a loss. I may set it as an assignment for my students in September.

Did you tot the D IV charge on over claims & the average over claim based on PAC/ journo data?

Eh no.

I doubt they did either. Am just throwing it out there for your model answer