UK Businesses Receive £7.4 Billion in R&D Tax Credits in 2019/20
In the latest R&D tax credit statistics, it has been revealed that the HMRC awarded innovative UK businesses a total of £7.4 billion in R&D tax credits in 2019/20, which is a 39% increase from the £5.3 billion 2018/19 figure that was reported last September.
In the year ending March 2020, SMEs claimed 64% or £4.7 billion, while the Manufacturing, Information and Communications, plus the Professional, Scientific and Technical sectors made up 64% of all claims and 69% of the total amount claimed.
SME and Large Enterprise Claims
Number of Claims
2019/20
£M Claimed
2019/20
4,370
Large Enterprises
81,530
SMEs
£4,745m
SMEs
£2,700m
Large Enterprises
Top 10 Claiming Sectors by Number
2019/20
Top 10 Claiming Sectors by £M
2019/20
Number of Claims and Value per Region in 2019/20
1
2
3
4
5
6
7
8
9
10
11
12
13
1
Scotland
£330 Million
4,580 Claims
2
Northern Ireland
£135 Million
2,280 Claims
3
North East
£150 Million
2,760 Claims
4
Wales
£170 Million
2,940 Claims
5
North West
£500 Million
8,915 Claims
6
Yorkshire and The Humber
£310 Million
6,405 Claims
7
East Midlands
£355 Million
5,510 Claims
8
West Midlands
£635 Million
7,885 Claims
9
East of England
£840 Million
8,085 Claims
10
London
£2,325 Million
17,210 Claims
11
South East
£1,325 Million
12,740 Claims
12
South West
£355 Million
6,455 Claims
13
Isle of Man / Channel Islands
Less than £10 Million
15 Claims
Expenditure Used to Claim R&D Tax Credits
33%
SME Scheme (2019/20)
£47,470m
2019/20 Total
67%
RDEC Scheme (2019/20)
Number and Value of Claims by Cost Band
Number of Claims
2019/20
Value of Claims in £M
2019/20
All the above 2019/20 figures were reported in HMRC’s R&D Tax Credit Statistics 2021 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.
