Pharmaphorum quotes Louise Ward on the Budget and what this means for the biopharma sector
Jeremy Hunt’s latest budget as UK Chancellor of the Exchequer contained a number of measures that have been well received by the life sciences sector.
While the topline corporation tax rate rise from 19% to 25% won’t please larger companies, there was positive news on tax relief for their spending on R&D, with an increase in the R&D Expenditure Credit (RDEC) scheme from 13% to 20%. Tax breaks and other benefits were also announced for 12 new investment zones across the UK.
Louise Ward, Partner, provides comment for Pharmaphorum:
"Labelled by Jeremy Hunt as the “largest life sciences sector in Europe” and a sector that received more inward investment than any other last year, Mr Hunt unveiled a number of measures that could assist in the making the Government’s dream of the UK being a Science Superpower a reality.
New investment zones to be situated in proximity to universities, already a favoured model for life sciences clusters, could open up new areas of the UK to this burgeoning sector. The new R&D tax credits scheme will be welcomed by small and medium sized companies. Additionally, a pledge to reform the regulation and approval of medicines, could see rapid approval for companies whose products have already gone through the US or European system and quickly open the UK as a new market.”
Read the full article in Pharmaphorum here.