Claims for R&D tax credits increase

According to HMRC data, claims for tax relief for research and development (R&D) in 2015 rose by £675 million or 38% year-on-year, to reach £2.45 billion.

However, while claims by small and medium-sized firms rose by 16%, larger firms' R&D claims fell by 38%. Around 75% of all claims were made by the manufacturing, professional, scientific and technical, and information and communication sectors.

A total of £14 billion has been provided in tax relief for R&D since 2000, and since then smaller firms have made almost 40,000 claims compared with around 9,000 by large firms.

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