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Thursday, March 24, 2011 3:24:58 PM
Lucy Tobin
24 Mar 2011
The biotech and small pharma industry was today celebrating a shot in the arm from yesterday's Budget, with higher tax relief on research and development plus changes to clinical trial regulation.
Stem cell therapy group ReNeuron said it would "benefit significantly" from the Chancellor's legislation.
It expects to save money from the increase in research and development tax credits for small firms, as well as the Government doubling the size of entrepreneurs' relief for capital gains tax to £10 million.
Tax relief on R&D will be raised from 175% to 200% next month, and George Osborne pledged to increase it again to 225% a year on.
Other early-stage firms set to benefit include central nervous system drug developer Proximagen and lupus specialist ImmuPharma.
The biotechs will see their tax bill cut further after the Budget legislation increased the amount they can raise under the Enterprise Investment Scheme.
This provides tax benefits to angel investment in start-ups and small businesses.
That allowance jumped from £2 million to £10 million.
The Budget also included a report by the chief executive of the NHS on how the medical innovations could be adopted more quickly across the NHS, plus proposed improvements and simplification to the regulation of medical research to shorten approval times for clinical trials.
Nigel Gaymond, chief executive of the BioIndustry Association, said that would "enhance the UK's competitive position in life sciences".
Big pharma also praised the streamlining of clinical trials in the Budget, with GlaxoSmithKline saying it would "have a significant positive impact on the life sciences sector in the UK".
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