Horse racing has been an important part of our culture for hundreds of years and remains the second-largest spectator sport in Britain to date. A report published by the British Horse Racing Authority in 2013 that examined the economic impact of horse racing quoted British annual core industry expenditure at a total of £1.11 billion with a tax contribution of £276 million.
Over the years, stud farmers and horse trainers have been able to improve the racing performance of equine athletes. For example, the 1846 Epsom Derby winner (Pyrrhus the First) had a winning time of 2m 55s compared to the 2020 winner (Serpentine) who had a winning time of 2m 34s, an improvement of 12%. Such improvements could not be achieved without the development of innovative breeding and training strategies, forcing companies to constantly push the boundaries in order to gain a competitive edge.
The in-house experts of Minerva Innovation Group Ltd have pioneered R&D tax relief for companies in the horse racing industry. Extensive academic knowledge and industry experience allow us to understand your technical activities on a more detailed level and thus maximise your financial benefit. We offer a quick turnaround, allowing you to continue focusing on your day-to-day business duties.
Examples of technical activities which have previously qualified for R&D tax relief include:
Developing bespoke training protocols to maximise racing performance
Developing bespoke healing protocols to expedite recovery following injury
Developing bespoke breeding strategies to maximise reproduction success rates