Our sector-specific Research and Development tax relief experts offer a broad range of expertise in many different fields of commerce and industry
Companies operating in the Marine sector are part of the ‘Blue Economy’ working to improve the sustainability of our ocean and sea resources and to safeguard the health of the ocean ecosystems. Innovations in the maritime industry may well qualify for the Government’s R&D tax relief.
The UK has a long tradition of innovation in maritime technology and science, and recent Government initiatives in this area aim to build on this heritage.
This business sector covers commercial, naval and leisure activities, and includes key areas such as the generation of offshore renewable energy, seagoing trade and international shipping, the extraction of non-living resources from offshore, marine food processing, and marine and coastal tourism and travel.
R&D TAX CREDITS
Manufacturing Research and Development focuses on three main priorities:
The Government published its long-term vision for the future of the UK’s maritime industry in early 2019, entitled Maritime 2050. The initiative included a commitment to support innovation within the industry and maximise the benefits of this research and development.
Research is taking place to find innovative technologies or processes which offer significant improvements to clean maritime services and operations, ensuring alignment with the forthcoming Maritime 2050 Zero Emission plan.
In common with other industry sectors, the marine industry is adopting a collaborative approach to research and development, creating a skills hub which can co-ordinate research projects to gain the maximum benefit from Government funding as well as internal financial assistance.
Each company involved in the research may be able to claim R&D tax relief, and this will apply whether or not a research project has a successful outcome.