Firms in the UK received £2.5b in tax relief for research and develop (R&D) in 2015, an increase of £675m or 38 per cent from 2014, according to figures from HMRC.
The figures have revealed that claims from small and medium-sized firms for R&D tax credits increased by 16 per cent from 2014 to 2015, while claims by larger firms fell by 38 per cent.
Since R&D tax credits were introduced in 2000, small and medium-sized firms have received almost £14b in tax relief for R&D. overall, small and medium-sized firms made 39,360 claims for tax relief from 2000 to 2015, in comparison with 9,030 claims from large firms.
Firms in the manufacturing, professional, scientific and technical, and information and communication sectors account for the greatest volume of claims, making up 75 per cent of claims made and 77 per cent of the total amount claimed in 2015.
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