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Birmingham Post
Birmingham Post
Business
Lauren Phillips

R&D innovation spending by Welsh firms setback by pandemic

HMRC Pandemic Wales

Innovation spending by businesses in Wales has been setback by the pandemic, latest HMRC figures show.

According to the latest statistics on the number of companies claiming research and development (R&D) tax credits for the year ending 2021, a smaller proportion of Welsh firms are claiming R&D tax credits compared to previous tax years.

The data found that the total value of R&D relief claims expected in Wales will be £135m, down 6% from the £145m spending on qualifying R&D recorded in the 2019/20 tax year.

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