UK businesses made almost 40,000 claims for tax credits to support their R&D activities for the year 2016-17, according to the latest government figures.
The Research and Development Tax Credits Statistics report, published by HM Revenue and Customs this month, shows that a total of 39,960 claims have been made so far for 2016-17. This amounts to £3.5 billion, corresponding to £24.9bn of R&D spending.
First introduced in 2000, the R&D tax credit scheme is a form of tax relief designed to encourage greater spending by businesses on R&D. It works by either reducing a company’s liability to corporation tax or through making a direct payment to the company.
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