UK Businesses Receive £6.6 Billion in R&D Tax Credits in 2020/21
The HMRC awarded innovative UK businesses a total of £6.6 Billion in R&D tax credits in 2020/21, although, this is down from the 2019/20 £7.4 Billion figure that was reported last September, the number of claims has increased by 7% from the previous year to 89,300. This decrease in the total and average value of claims could be the result of the COVID-19 pandemic.
SME and Large Enterprise Claims
SME Claims
2020/21
RDEC Claims
2020/21
78,825
No. of Claims
£4,230m
£M Claimed
3,990
No. of Claims
£1,995M
£M Claimed
RDEC Claims by SMEs
2020/21
6,485
No. of Claims
£365m
£M Claimed
Top 6 Claiming Sectors by £M
2020/21
Top 6 Claiming Sectors by Number
2020/21
Expenditure Used to Claim R&D Tax Credits
41%
SME Scheme (2020/21)
£38,145M
2020/21 Total
59%
RDEC Scheme (2020/21)
Number of Claims and Value per Region in 2020/21
1
2
3
4
5
6
7
8
9
10
11
12
1
Scotland
£295 Million
4,630 Claims
2
Northern Ireland
£130Million
2,355 Claims
3
North East
£125 Million
2,900 Claims
4
Wales
£135 Million
675 Claims
5
North West
£480 Million
9,395 Claims
6
Yorkshire and The Humber
£290 Million
6,630 Claims
7
East Midlands
£330 Million
6,045 Claims
8
West Midlands
£430 Million
7,525 Claims
9
East of England
£765 Million
8,330 Claims
10
London
£2,065 Million
18,790 Claims
11
South East
£1,210 Million
13,000 Claims
12
South West
£325 Million
6,915 Claims
Number and Value of Claims by Cost Band
Number of Claims
2020/21
Value of Claims in £M
2020/21
All the above 2020/21 figures were reported in HMRC’s R&D Tax Credit Statistics 2022 release.
For more information on R&D tax credits, for advice or to find out how we can partner with your business please contact us.
