Hibernian banked £1.2 million in tax credit earmarked for research and development (R&D) last year, The Courier can reveal.
The HMRC scheme is designed to support studies in science and technology, with rules stating that a club can only apply if its work benefits an overall field, not solely their own business.
The Courier reported on Tuesday that United are staring down the barrel of a £600,000 repayment to HMRC after receiving £1.28 million during the financial period of 2021/22.
The Tangerines have appealed the decision of the tax authorities.
That followed the launch of The United Lab in 2020, the brainchild of sporting director Tony Asghar, recruitment chief Sean McGee, performance consultant Ryland Morgans and head of research Dr Dan Parnell.
None are associated with the club today.
Meanwhile, Hibs’ latest annual accounts show that the capital club secured £1,166,403 in R&D tax credit for the financial year ending 2024. That represented just north of 7% of their total turnover of £15.9 million.
They posted an overall loss of £7.2 million.
It was the fourth successive year in which the Hibees have benefitted from the payout but a huge increase on the previous sums of £13,793 (2023), £56,909 (2022) and £45,709 (2021).
The Courier has approached Hibs for comment.
Performance optimisation
In renewing its relationship with Innovative Partners in July 2024, the club outlined how the Edinburgh-based growth consultants “support businesses with accessing innovation funding through tax incentives, grants and investment.”
A Hibs statement cited “a number of significant research and development projects which have aided the Club’s strategic growth mission including; medical, football performance and facilities.”
The club, 25% of which is owned by Bill Foley’s Black Knight football group, also has a partnership with data and analytics experts, Kitman Labs.
Focusing on “performance optimisation” and “coaching and development”, Hibs seek to enable “cross departmental collaboration and communication while providing the insights necessary to support both strategic and tactical decision-making.”
A Times investigation this week found that 28 sporting institutions secured payouts, including English Premier League side Chelsea.
The total public monies allocated were quoted as £13 million.
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