Draft legislation has been published by the UK government on a proposed merged R&D tax relief scheme. If implemented, the reform would affect companies claiming R&D tax relief under either the Research and Development Expenditure Credit (RDEC) or the small or medium enterprises (SME) R&D relief.
The much anticipated O’Shaughnessy report examining commercial clinical trials in the UK was published at the end of May 2023. Its findings have prompted the UK government to initiate a series of actions, in response to its 27 recommendations, that are designed to make the UK a world leader in this important part of the life sciences industry.
The 2023 annual conference of the UK’s Association of the British Pharmaceutical Industry (ABPI) at the end of April had a theme of Growing the UK as a Global Hub for Life Sciences.
What is the future for UK-based biotechnology? This article reviews the financing of, and governmental support for, the sector and considers the potential impact of new technology in the development of the life sciences.
The UK’s Spring Budget, announced on 15 March 2023, set out the government’s plans to help businesses, including the life sciences sector. In addition to an enhanced rate of tax relief for loss-making R&D-focused small and medium sized enterprises, companies investing in qualifying main rate plant and machinery can write off the full cost from 1 April 2023 until 31 March 2026 under a 100% First Year Allowance. Read the full Spring Budget.
As part of its plan to make the UK a science and technology superpower by 2030, the government launched its ‘Science and Technology Framework’ on 6 March 2023.
A fund of over £113 million has been announced today (28 November 2022) to develop innovative medicines and diagnostics for cancer, obesity, mental health and addiction in the UK population.
