UK Businesses Receive Nearly £7.6 Billion in R&D Tax Credits in 2021/22
The HMRC published the R&D tax credit statistics for the fiscal year 2021-22 on September 28th, showcasing a noteworthy 11% increase. This upturn is particularly encouraging, especially in light of the slight decrease in R&D relief witnessed in the prior year.
In our summary, we underscore the main insights and the favourable rise depicted in the statistical report.
Number of Claims
It is estimated that the total number of R&D tax credit claims for the tax year 2021-22 was 90,315, which was split across the SME (88%) and RDEC (12%) schemes.
Amount Claimed (in £Billions)
The total amount of R&D tax credit support claimed in 2021-22 was estimated at nearly £7.6 Billion, which was a 14% increase for the SME scheme and a 7% increase for the RDEC scheme from the previous financial year.