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Pictured at the R&D tax credits seminar (from left): Aidan McMahon, Gentian Health; Dr. Fiona Gilchrist, Jaguar Land Rover; Helen Downes, CEO, Shannon Chamber and Mark O’Sullivan, Grant Thornton. Photograph by Eamon Ward

The benefits accruing to research and development (R&D) tax credits for innovating companies was outlined at a Shannon Chamber seminar held in Westpark Innovation Campus this week.

The purpose of the seminar, delivered by Grant Thornton, and involving companies who are availing of this funding stream, was to demystify R&D tax credits and funding supports available for companies in the Shannon region.

Grant Thornton partner and head of tax and grant incentives services, Mark O’Sullivan explained that, while R&D tax credits have existed since 2004, the rate, which now stands at 35% for accounting periods on or after 1 January 2026, enables companies to reclaim a substantial portion of qualifying R&D expenditure as a cash credit.

“The enhancement of the R&D tax credit, from 30% to 35% is a game changer,” he said.

“It allows companies to recover a significant portion of their innovation costs, often as a cash refund, which can be particularly valuable for scaling and loss-making businesses. The key to unlocking this value is a robust science and technology submission supported by the right evidence,” he added.

Seminar attendees were advised on what qualifies as R&D for tax purposes, how to structure claims, documentation, and risk management, and how to combines R&D tax credits with other supports available from State agencies in a compliant way.

Case studies were provided by Gentian Health, Jaguar Land Rover, and Lufthansa Technik Turbine Shannon. Each outlined how they are successfully leveraging R&D tax credits and grant supports to fund innovation, build high-value jobs, and compete globally.

R&D site engineering lead with Jaguar Land Rover, Dr Fiona Gilchrist, said that the tax credit is a key enabler for the company. It acts as a talent attractor to Shannon and is important for the growth of the software development centre, and for the area. Company revenue is now data driven with a focus on ensuring that time spent on innovative work is captured accurately, being reviewed, and verified. Projects are identified and updated annually; with records created at the time the R&D work is being carried out that show how much staff time was spent on specific R&D projects.

 CEO of Shannon-based medical devise design and manufacturing company, Gentian Health,  Aidan McMahon, explained that companies don’t need to bring their own branded product to market to qualify for R&D tax credits. As a contract designer and manufacturer, the company has been able to claim R&D tax credits for both client-facing projects, where clients are not claiming themselves, and internal platform development in areas such as vital signs monitoring and wearable medical devices.

By putting in place straightforward time-tracking and project-coding systems, Gentian has shown that even a 40-person firm can manage R&D claims in a structured, low-burden way and use the resulting support to enhance capability and remain price-competitive internationally.

Formerly with Lufthansa Technik Turbine Shannon (LTTS) and now working on funding strategies, Barry Lowe said that the company had been doing what they considered R&D but were hesitant to claim as their technologies are largely licensed to original equipment manufacturers (OEMs). The company now understands that defining and refining a process that is licensed to an OEM can qualify as R&D. He advised other companies not claiming to do so as they may be leaving significant support untapped.

Commenting on the value of hosting an event of this nature, Shannon Chamber CEO Helen Downes said: “The event was an eye opener for companies who are doing R&D but not availing of the tax credits. By hearing from Grant Thornton, experts in this area, and from companies actively utilising R&D tax credits to boost their competitiveness, attendees learnt that with the right advice and simple systems, R&D and grant supports can fund innovation, support new talent acquisition, and improve competitiveness without adding a huge administrative burden. Companies should be unlocking value from the work they are doing,” she added.

To find out about future Shannon Chamber events or to avail of training from Shannon Chamber Skillnet to assist the development of digital and AI, people and workplace and, technical skills, log onto www.shannonchamber.ie/events-training/