The Chancellor's Budget on 30 October is an opportunity to end short-termism, cut waste, and attract long-term investment to the UK economy with a sector-targeted R&D tax relief policy.
From The BioIndustry Association Sep 3 2024 The Chancellor’s Budget on 30 October is an opportunity to end short-termism, cut waste, and attract long-term investment to the UK economy with a sector-targeted R&D tax relief policy. However, changes should not be rushed and must be based on the best economic evidence, says the UK’s trade association for innovative life science s and biotech.
Ahead of the Budget, which the Prime Minister has warned will involve “tough decisions”, BIA is publishing a proposal for a robust economic study that the Chancellor should commission as part of her promised business tax roadmap to understand how R&D tax relief can be targeted towards innovative growth sectors of the economy, like life sciences.
“The Prime Minister has said that growth and wealth creation are the Government’s number one priority, which means every penny of taxpayers’ money must be focused where it will have the most impact. We are calling on the Treasury to evaluate the impact of R&D tax relief on a sector-by-sector basis, starting with the life sciences industry, to identify how taxpayers’ money can be better focused on growing the economy by supporting innovative industries of the future.
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