Last Thursday, chancellor Jeremy Hunt announced new measures for smoother medicine approvals in the UK, increased support for R&D, and a simplified tax system for SMEs. UK biotech company, Nevrargenics shared its position on the 2023 Budget.
The chancellor also announced ambitions for the UK to become a “life sciences superpower,” which included the announcement of an enhanced credit that SMEs who spend 40% of their expenditure on research and development can claim a credit worth £27 for every £100 they spend. From April 2023 until the end of March 2026, companies can claim 100% capital allowances on qualifying plant and machinery investments.