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news.The BioIndustry Association (BIA), established to encourage and promote bioscience sector within the UK economy, has applauded the significant measures announced by the British government in support of the life sciences sector.
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The government has agreed to raise R&D tax credits for small businesses from 175% to 200% from April 2011, and next year to 225%.
Proposals to remove the link between the claimable amount and PAYE and NI payments have also been introduced enabling many SMEs to obtain full value from the regime.
The UK government has decided to invest in new science facilities, including £80m to develop the national research campuses at Babraham, Daresbury and Norwich.
The government has confirmed to develop the patent box legislation, which is expected to reduce corporation tax up to 10% from profits derived from patents.
According to BIA, the government’s extension and simplification of the R&D tax credit scheme is particularly significant, helping many more small and medium sized businesses to get off the ground.
It has welcomed the reform of the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT) schemes will also help to stimulate investment in bioscience companies.
BIA CEO Nigel Gaymond said 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," Gaymond said.