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

Wendy Smith SMALLER

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

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