6 September 2021
The latest R&D tax credit statistics from HMRC show the estimated total amount of R&D tax relief claimed in 2019/2020 to be a total of £7.4 billion. This is an increase of 19% from the previous year’s total of £6.3 billion.
This equates to 85,900 R&D tax credit claims from UK businesses involved in innovation.
The £7.4 billion is comprised of £4.4 billion through the SME scheme and £3.1 billion from the RDEC scheme.
Key industries that continue to see the majority of claims include the Information and Communication, Manufacturing, and Professional, Scientific, and Technical sectors, which make up 64% of the total amount of claims for the year ending March 2020.
