Nottingham tops innovation league table based on successful R&D tax relief claims
Nottingham has the highest percentage of innovative businesses in the East Midlands, according to a new league table.
23 April 2020
The table, compiled by innovation funding specialists ABGI UK, shows that out of nine unitary authority areas, Nottingham firms made the most successful R&D tax relief claims.
A total of 295 successful claims were made by Nottingham companies (2.79% of all enterprises within the area), including SMEs and large businesses, for R&D tax relief in the latest figures released HM Revenue and Customs.
The figures show that East Midlands companies secured a total of 3,120 R&D tax relief claims in the 2017-18 period.
A total of £180 million in tax relief was claimed on the back of over £1.2 billion worth of innovation-focused investment made by companies in the region.
The league table shows Derby as the second most active area, with 2.16% of businesses securing successful R&D tax relief claims, while Leicester ranks third with 1.96% of its businesses claiming.
Introduced in 2000, R&D tax credits are designed to drive competitiveness in British business by incentivising companies to invest in innovation.
Article originally published on BusinessLive