New HMRC Stats Show Rise in Welsh R&D Tax Relief Claims
Wales has seen another rise in R&D (research and development) tax credit claims, according to statistics released by HMRC.
07 October 2020
The latest 2018-19 figures show companies here made a total of 2,000 claims, up from 1,530 made at this time last year. There were 1,795 successful R&D tax relief claims made by Welsh SMEs as well as additional claims secured through the RDEC scheme. This amounted to a total of £ 115m in R&D tax relief being secured by businesses across the principality.
Overall there were 59,265 R&D tax credit claims made across the UK in the 2018-19 period with Wales-based companies securing 2% of the £5.3bn of tax relief support that was claimed nationwide. This measure helped stimulate more than £35bn of R&D expenditure by British businesses.
This year’s R&D tax credit statistics show manufacturing companies along with those in ‘Professional, Scientific and Technical’, and ‘Information and Communication’ sectors continuing to have the greatest volume of claims. The three categories account for a combined total of 66% of claims and 71% of the total amount claimed in 2018-19.
Article originally published on Business News Wales