London dominates in R&D tax credits claim value
Newly released HMRC figures show Inner London companies once again securing a major share of R&D tax relief with over £1bn paid out in 2017-18.
21 April 2020
Other strong performing areas include the West Midlands, Cambridgeshire and Outer London where businesses collectively secured £740m in tax relief for innovation-focused investment. Other regions securing significant R&D rebates include Surrey, Oxfordshire, Hertfordshire, Greater Manchester, and Hampshire.
Businesses in Somerset, however, have claimed the top spot in R&D tax claims intensity in the UK according to this year’s UK Innovation Intensity League Table, published by innovation funding specialists ABGI-UK. It shows the leading 20 unitary authority areas which are ranked on the percentage of local businesses making a successful claim for R&D tax relief.
Somerset tops the table with a total of 305 successful claims made by local SMEs and large businesses, representing 4.3% of all enterprises within its unitary authority area. Another area within the South West, Bournemouth, Christchurch and Poole, placed second in this year’s table with 4.06% of its businesses securing a successful claim. Mid-Ulster, which topped last year’s league table, was third (3.8%) while Cambridgeshire ranked fourth (3.44%).
Article originally published on London Loves Business