A leading Life Science industry body has thanked Anthony after the Chancellor announced a significant tax credit scheme to incentivise research and development (R&D) investment.
As part of his 2023 Budget, the Chancellor announced a new enhanced R&D tax relief rate for the UK’s most innovative businesses. This was warmly welcomed by the UK BioIndustry Association (BIA), the national trade association for innovative life sciences and biotech, who personally thanked Anthony for his campaign. They noted the huge boost this announcement would for biotech companies across the UK developing new medicines and improving healthcare for patients.
The new R&D-intensive company category offers a highly effective way to incentivise investment in R&D, utilising targeted taxpayer support to allow life science entrepreneurs to grow. Small and medium-sized enterprises that invest over 40% of their total operating costs will receive cash payments of 27p for each £1 they have invested in R&D. Loss-making SMEs will receive a new lower relief rate of approximately 18p, which was announced at the Chancellor’s Autumn Statement in November 2022.
Anthony has long campaigned for a new R&D tax credits regime, making speeches in the house and questioning the Chancellor on the 7th February last month as he refined his Budget announcements. He has also met with Ministers to discuss the issue and hosted them in South Cambridgeshire, alongside a regular schedule of visits to life science companies.
Steve Bates OBE, Chief Executive of BIA, said: “Thanks to Anthony’s personal campaign in Parliament to raise the concerns of South Cambridgeshire’s life sciences companies, the Chancellor has delivered a huge boost for our sector by enhancing R&D tax relief. Our research-intensive industry is vital to South Cambridgeshire’s local economy and a key growth area nationally. The Chancellor is rightly focusing UK taxpayer support to enable life science entrepreneurs to crowd in more private investment, help keep the UK at the cutting-edge of international science, and create new high-value jobs.”
Anthony later commented “This is great news for South Cambridgeshire as the life sciences capital of Europe, and literally hundreds of life science companies will benefit from this funding. Its been a great pleasure to work alongside the BIA and lead the campaign for this vital change to our tax system.
"Almost every village in my constituency seems to have a science park packed full of life science companies. Those small start-ups are at the cutting edge of research and development and will benefit most from this funding. I will continue working with the industry and the Government to champion life sciences as part of our shared ambition to ensure that the UK, with South Cambridgeshire at its heart, continues to be a life sciences superpower.”
