The UK property sector tops the table when it comes to research & development (R&D) tax relief.
According to data compiled by RIFT Research and Development Ltd for 2017/18 and released this month, property has the highest amount of R&D tax credits claimed as a percentage of total sector expenditure: 33%. It also has the highest annual increase in R&D tax credits claimed as a percentage of total sector expenditure: 4.8%.
RIFT Director Sarah Collins notes that “when it comes to the sector making the most of R&D tax relief, the property sector really is leading the way both where the total sum awarded is concerned, and the year on year increase.” She attributes this to significant growth in proptech, where technology meets property: find out more in our article exploring proptech.
You’ve never had to sit in a white lab coat to claim R&D tax reliefs and these findings highlight that any sector which is applying technological or scientific innovation can qualify.
The UK Government is committed to both retaining and strengthening the range of R&D tax breaks. A recent report from the House of Commons’ Science and Technology Committee reinforces the commitment to raising total investment in R&D to 2.4% of GDP by 2027, and to reach 3% of GDP in the longer term.
The report also acknowledges further ‘potential improvements’, suggesting that businesses can look forward to a simpler, expanded R&D tax credits system in the future.
All this means that there has never been a better time to see if your business qualifies, and to seek expert guidance to enable you to achieve this.
BKL has a 100% success rate in obtaining these benefits for our clients. To find out more, please get in touch using our enquiry form or take a look at our R&D tax credits page.