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Thu June 17 2021

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Construction R&D on the rise

1 Oct 20 Statistics published by HM Revenue & Customs reveal that a total of £175m was paid out to UK construction firms in research and development (R&D) tax credits last year, nearly double the £90m of the previous year.

The number of claims for R&D tax credits has also jumped from 1,790 to 3,055, an increase of 71%, but construction still only represents 6% of all claims across the scheme.

Tom Verner, managing director of Momentum Group, a consultancy specialising in R&D tax credits, said: “These new figures for the construction industry are very welcome and reflect increased innovation specifically in areas such as the reduction of firms’ carbon footprint.

“However, the industry still only represents 6% of claims across the scheme and we believe there are still a great many innovative construction companies missing out on potentially tens of thousands of pounds in R&D tax credits.”

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MPU

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