Source HMRC R&D tax credits statistics 2025
The statistics published by HMRC for 2023-24 are provisional and have been uplifted to include estimates for claims not yet received.
The financial services industry has embraced technological enablement to streamline process and meet increasing expectations of the customers. Financial businesses handle transactions involving large sums of money, often within a complicated regulatory framework and data sensitivity.
We find qualifying R&D expenditure and IP development when financial businesses develop new operating systems or create new encryption or security techniques that don’t follow established methodologies. This sector has seen challenges of integrating new systems and apps with legacy systems.
This sector includes the following types of business.
Yes, Financial and insurance companies that have already claimed R&D tax credits might find that they could claim even more by applying for Corporate Tax relief, under the Patent Box scheme. In 2023-24, so far, claims have been negligible. But in the stats released in 2020 10 financial services companies made Patent Box claims but those claims totalled £350m. It is unlikely that their patents are related to mechanical and engineering technologies so we must be thinking that those patents are routed in software technologies.
