Following the chancellor’s autumn budget announcement, we provide a brief round-up of the key points and some of the reactions from the pharma and industry leaders.
Budget
In his second budget as chancellor, Philip Hammond announced some key changes to tax relief, such as an R&D expenditure credit increase to 12%, which will benefit companies that have received R&D credits from the government and larger companies, an increase in the annual allowance for people investing in knowledge-intensive companies through the Enterprise Investment Scheme (EIS) to £2 million as well as an increase in the annual investment that these companies can receive through the EIS and Venture Capital Trusts (VCT) to £10 million.