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Construction credit
Key points
- Less than 2.5% of all research and development tax credit claims are made by the construction industry.
- Three main schemes allow UK-registered companies to claim relief for research and development activity.
- Relief may apply for research into for example difficult ground conditions building information modelling technologies or health and safety advances.
- Businesses and advisers have an important part to play in identifying qualifying work.
- Work must be innovative and benefit the business.
- Estimates of research and development returns can be relevant to the tender process.
A House of Commons briefing paper from December 2018 reported that in 2017 the construction industry contributed £113bn to the UK economy 6% of the total (tinyurl.com/yyneegqj). However given how large a role the construction industry plays in pushing the UK economy forward through creating jobs working spaces homes and wider infrastructure the amount of money claimed back...
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