R&D Tax Credit will be fully refundable if the company chooses to surrender the losses and claim the tax refund. This way, the company can see the immediate effect of the R&D Tax Benefit scheme. Another option for the company would be not to surrender the losses but carry them back or forward to offset past or future profits. This approach takes longer for the benefit to be realised but might be a more beneficial decision for the company, depending on its financial position.