The property sector is leading the way when it comes to the largest sums awarded in research and development (R&D) tax relief as a percentage of expenditure, RIFT Research and Development has found.
Across all sectors, the R&D tax relief awarded equates to 14% of the total sum of expenditure but the property sector ranks top of all individual sectors.
The property sector has tax relief paid out by the government equating to 33% of the total R&D expenditure of the sector.
Sarah Collins, director of RIFT Research and Development Limited, said: “The latest data demonstrates 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.
“This comes as no surprise with the explosion of the PropTech sector radically changing the way we operate within the property space whether it be as a consumer or as a working professional.
“As a result, there has been some huge advancements in recent years with a vast number of companies pioneering change across the board from the way we apply for a mortgage, to the way we list and sell our homes, even within additional services such as moving home, all of which have qualified for R&D tax relief.”
The property sector has also seen the largest increase in this percentage year-on-year, up 4.8% annually.