Newly released HMRC statistics show an increase of 714% in the amount of R&D (research and development) tax relief savings being claimed by Welsh companies over the last seven years, the second highest level of growth across the UK.
The latest figures show businesses in Wales accounted for 3% of the total value of claims made across the UK in the year 2016-2017, according to R&D tax relief specialist Jumpstart.
Partial figures released by HMRC show 39,960 successful R&D tax claims for 2016-17, with over 34,000 of these secured within the SME scheme. To date, £3.5bn of R&D tax relief support was claimed in this latest period against £24.9bn of innovation-related expenditure.
Article originally published in Welsh Business News
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