BIA reassured by Chancellor on life science support 12 Jan 2023

The UK BioIndustry Association (BIA) appears to have won a reprieve on proposed cuts to SME R&D tax credits, via a letter from Chancellor Jeremy Hunt. The policy was introduced in the Government’s Autumn Statement in November 2022, due to take effect in April 2023. However, the BIA campaigned against the move, presenting a letter signed by over 300 CEOs to the Government outlining the damage the proposal would have on life science SMEs.

In early January 2023 the BIA announced that it had received a letter from the Chancellor stating that “he believes there is merit in further support for life science SMEs in light of the challenges the cut in SME R&D tax relief creates for the sector”. The BIA said it welcomed his reassurance and commitment to work with the industry to develop support.

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