Financial & Insurance sectors gain a 57% increase in year-on-year R&D Tax Credits benefit

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Yolande Hanna

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Financial & Insurance sectors gain a 57% increase in year-on-year R&D Tax Credits benefit

HMRC Statistics Tax Credits financial insurance

The recent HMRC R&D Tax Credits statistics revealed a 40% year-on-year increase for SME companies in the number of claims in the financial & Insurance sector. However, the value in monetary terms of benefit this sector received for their investment in innovation was a significant 57% year-on-year increase.

The volume of all R&D Tax Credits claims within this sector went from a year-on-year increase of 485 million to 680 million in 2017-8 for SME companies.

David Gilmour, R&D Technical Consultant, Momentum Group
David Gilmour, R&D Technical Consultant, Momentum Group

David Gilmour, R&D Technical Consultant, Momentum Group, commented:

Disruptive innovation is a key driver for FinTech and InsurTech businesses that are transforming these industries. One of our InsurTech client's received £117K of R&D Tax Credits benefit through continued innovative development of their unique software technology.”

Companies who are making appreciable improvements to new processes, products or services in the financial & insurance sector could be eligible for significant financial benefits for their innovation.

Since its inception, Momentum has helped its clients identify over £135 million in eligible R&D expenditure.

Read about how we helped an InsurTech specialist with a successful claim

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