'The Times' Tax investigation implicates Scottish Premiership club
HMRC have already requested the repayment of the tax credit
A fairly substantial tax story broke in The Times yesterday. 28 sports teams in the UK have received up to £13m from the government under a research & development scheme.
It's a tax scheme to support innovations for the public good in science and technology. A company can only apply for the tax credits if it has made a "genuine advance in science or technology to benefit the overall field, not just its own business."
The 28 clubs include Chelsea, who were paid more than £2m in R&D tax relief by HMRC over a three-year period.
One club in Scotland claimed £1.28m - equivalent to 15% of their turnover in 2021/22. The tax credit they received for their R&D claim turned their £997k loss into a £280k profit for that year.
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