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The BioIndustry Association (BIA) applauds the significant measures announced by the Chancellor of the Exchequer in today’s Budget and Growth Review in support of the life sciences sector.
The BIA believes that the Government’s unequivocal commitment to maintaining and growing the UK’s position as a world lead in life sciences will do much to secure the UK’s status as the global destination for life sciences.
The Government’s extension and simplification of the Research and Development (R&D) tax credit scheme is particularly significant, helping many more small and medium sized businesses to get off the ground.
Reform of the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT) schemes will also help to stimulate investment in bioscience companies, and the BIA welcomes the Government’s commitment to simplifying the schemes and maximising their benefit.
The establishment of a cell therapy and advanced therapeutics Technology and Innovation Centre will give a much needed boost to the outstanding research already in existence and do much to translate this vital work into therapies and treatments for patients.
Meanwhile, capital investment in new science facilities, including £80 million to develop the national research campuses at Babraham, Daresbury and Norwich endorses the excellence of UK science.
Confirmation of the patent box legislation to be developed by the autumn, which will provide a reduced rate of 10 per cent corporation tax from profits derived from patents, will have the knock-on effect of further stimulating activity in the bioscience sector.
Commenting, Nigel Gaymond, BIA Chief Executive said:
“This is an extremely significant day for our sector, enhancing the UK’s competitive position in life sciences through a wide variety of supportive measures.
“R&D tax credits are the lifeblood of the R&D intensive bioscience sector, and BIA has maintained a sustained campaign on this issue for many years.
“The extension of this relief will be enthusiastically welcomed by companies in our sector. In addition, many of the other measures outlined today demonstrate this government’s commitment to putting life sciences at the heart of the UK’s recovery.
“The BIA looks forward to working with the government on developing today’s initiatives.”