Sumer NI manager discusses Northern Ireland R&D tax credits

Core Insights - There is a significant concern regarding the low uptake of R&D tax credits in Northern Ireland, with only 1,305 claims made in the 2023/24 tax year, representing a 22% decrease from the previous year [1][2] - Despite substantial investments in R&D activities, including £245 million ($329.2 million) for 726 projects supported by Invest NI in the 2024/25 period, the engagement with the R&D Tax Credit scheme remains lower than expected [2] - The upcoming £100 million Advanced Manufacturing Innovation Centre (AMIC) led by Queen's University, set to open in 2026, is anticipated to encourage more companies to apply for R&D Tax Credits [3] Industry Context - Northern Ireland has a strong reputation for innovation across various sectors, including aerospace, biomedical research, and digital innovation, yet the low number of R&D claims indicates potential limitations for future growth [4] - R&D tax relief is crucial for supporting innovation, particularly for SMEs, as it aids in product development, creates skilled jobs, and attracts further investment [5] - The lack of eligible companies claiming R&D tax relief could hinder growth in sectors where Northern Ireland already holds a competitive advantage [5]