The BioIndustry Association (BIA) is delighted that Sir James Dyson has listened to calls from the life sciences sector and has recommended that the Conservative party retains R&D tax credits if they should win the election.
Sir James’ ‘Ingenious Britain’ report proposes that R&D tax credits be refocused on high tech companies, small businesses and new start ups and that they should be boosted to 200 per cent when public finances allow.
R&D tax credits are part of the overall package of schemes which encourage investment the UK for small and large companies alike, alongside measures such as the Patent Box, which is also supported by Sir James. It is important that economic policy reflects the need to create successful innovative SMEs as well as to ensure that the largest investors in UK R&D still view it as an attractive place to do business.
Additionally, Sir James has proposed boosting the Enterprise Investment Scheme relief available to 30% for angel investors supporting high tech companies.
Clive Dix, BIA Chairman said:
“R&D tax credits have proved to be essential to research-intensive companies such as those in life sciences. Sir James’ proposals are welcome and will further help the companies in our sector develop new, innovative and improved healthcare solutions for the UK public."
BioIndustry Association
Established in 1989, the BIA (BioIndustry Association) exists to encourage and promote a financially sound and thriving bioscience sector within the UK economy and concentrates its efforts on emerging enterprise and the related interests of companies with whom such enterprise trades.
With over 300 members, the BIA supports a wide range of sectors, majoring on the human health benefits of the technology and represents the interests of these innovative companies to a broad section of stakeholders from patient groups to politicians, advancing its members interests both within the UK and internationally to create a healthy UK bioscience sector which benefits society. For further information, please go to: www.bioindustry.org
