AHDB’s Dr. Nikki Harrison asks Nigel Holmes, Senior Tax Specialist, Catax, to shed some light on under-claimed R&D tax opportunities for growers
Q: WHAT UK TAX OPPORTUNITIES ARE AVAILABLE FOR THE INDUSTRY TODAY?
Many companies in the agriculture and horticulture sectors are missing out on the UK’s generous tax reliefs for research & development (R&D).
Recent statistics published by HM Revenue & Customs (HMRC) show that the industry is not making the most of
the valuable reliefs available. The Agriculture, Forestry and Fishing categorisation (into which horticulture falls) made only 135 of the 26,055 R&D tax relief claims, claiming £5m of benefit, in 2015–16. Furthermore, the same category only made 10 of the Patent Box claims for 2014–15 out of a total of 1,135 claims made.
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