UK R&D credit increase, faster drug approvals promised in budget speech
When Chancellor of the Exchequer Jeremy Hunt announced that he had plans to scale back R&D tax credits in November, it sparked backlash in a country that has seen a decline in clinical trials and drug pricing question marks.
But Hunt, the former UK health secretary, said today in his Spring 2023 budget speech that he had returned with a “more robust” R&D tax credit scheme.
Part of that is an “enhanced credit” for qualifying small- or medium-sized biopharma businesses. If a company spends 40% or more of its total expenditure on R&D, it can claim a credit worth £27 for every £100 they spend, as well as a £1.8 billion support package for 20,000 companies.
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