New statistics show that manufacturing companies are falling behind their counterparts in the information and communication sector in making R&D tax relief claims.
Partial figures released by HMRC show ICT firms made 10,240 claims in 2016-17, compared to 10,115 made by manufacturers, marking the first time industry has not led the way in applying for tax relief on innovation-related expenditure.
In total 39,960 successful R&D tax claims were made in all sectors across the UK in 2016-17, with over 34,000 of these secured within the SME scheme. To date, £3.5 billion of R&D tax relief support was claimed in this latest period against £24.9 billion of innovation-related expenditure.
Also released are figures for Patent Box, another tax relief available to help firms develop intellectual property (IP) assets, with UK manufacturing topping the table with 560 companies securing £350 million in tax relief.
Article originally published on Production Engineering Solutions
Read the full article here