Industry welcomes new tax break for small British biotechs

British biopharmaceutical companies have welcomed an announcement from the UK’s Chancellor, Jeremy Hunt, of a new enhanced R&D tax relief rate for certain innovators.

The measure, which was introduced in the Spring Budget statement, comes after representatives from industry lobbied the government to provide more support through the tax system.

While the R&D tax relief scheme was reduced in a previous budget statement, the new “R&D intensive SME” category will target UK taxpayer support to enable more private investment in the sector.