Idex receives UK R&D tax relief
13 March 2020 11:42 GMT

IDEX Biometrics has successfully claimed research and development tax relief in the United Kingdom where the company performs certain research and development activities. UK small or medium-sized enterprise (SME) R&D tax relief allows companies to deduct up to 230% their qualifying costs from their yearly profit or claim a tax credit if the company is loss making, worth up to 14.5% of the eligible loss.

IDEX has claimed United Kingdom SME tax relief for 2017 and 2018 and received a cash refund of 8.1 million NOK ($810,000). The company will carryforward 25.4 million NOK in tax credits available to offset future taxable income in the United Kingdom. The company plans to claim additional research and development tax relief when it files its 2019 tax return.