Research and development tax relief savings claimed by Scottish companies have risen by 375 per cent over the last seven years. But the figures show the lowest level of growth in any across the UK, according to research by Edinburgh-based R&D tax relief specialists Jumpstart.
Partial figures released by HMRC show 39,960 successful R&D tax claims for 2016-17, with more than 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.
The newly released figures also show 1,900 claims secured in Scotland so far for the latest 2016-17 period with 1,425 being made by SMEs, accounting for around £75 million in tax rebates with the remainder claimed under schemes for large companies.
Also released were figures for Patent Box claims, another tax relief available to help firms develop intellectual property (IP) assets.
Article originally published on Insider.co.uk
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