Agricultural companies in the UK continue to miss out on tens of thousands of pounds of Research and Development tax credits, according to the latest figures released by HMRC.
The research shows that despite R&D tax credits aiming to drive innovation, agricultural firms’ R&D claims continue to fall behind other sectors with companies claiming a total amount of £5m in 2016.
The analysis indicates a positive trend for agricultural firms with an increase of 29 per cent in the number of claims since 2015, compared to the average for all sectors of 25 per cent.
However, it is still significantly below other sectors such as manufacturing which secured £860m in R&D tax claims and the scientific and technical sector which claimed back £635m.
Furthermore, the average received per R&D tax claim by agricultural companies was only £37,000.