Pharma reaction to UK Spring Statement 2022
As well as offering a batch of proposals to relieve households facing a crippling cost of living crisis, UK Chancellor Rishi Sunak’s Spring Statement yesterday included a number of relevant announcements for the pharmaceutical industry. These included:
- Tax plan: The government will develop a Tax Plan with the intention of cutting and reforming business taxes, to create a new culture of enterprise and the conditions for private sector-led growth.
- R&D tax relief reform: Confirmation that from April 2023, all cloud computing costs associated with R&D, including storage, will qualify for relief.
- The government will legislate to ensure that some R&D that is conducted overseas will remain eligible where it is necessary – including where activities must take place outside of the UK, for example, clinical trials.
- Research and Development Expenditure Credit: To ensure the effective targeting of the UK’s R&D relief the government will consider increasing the generosity of RDEC to boost R&D investment in the UK. This would rebalance the schemes and make RDEC more internationally competitive.
- Apprenticeship levy: A commitment to examine whether the current tax system – including the operation of the apprenticeship levy – is doing enough to incentivize businesses to invest in the right kinds of training.
Responding.to the statement, Richard Torbettt, chief executive of the Association of the British Pharmaceutical Association (ABPI), said: "Innovative sectors like the pharmaceutical industry will be central to the Chancellor’s plan to innovate more, lift growth and deliver a faster-growing economy.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
More on this story...
Today's issue
Company Spotlight
More Features in Pharmaceutical
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze