March 10, 2010: The UK’s BioIndustry Association (BIA) has expressed its satisfaction 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’s ‘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 that encourage investment the UK for small and large companies alike, alongside measures such as the Patent Box, which is also supported by Sir James. The BIA said it was important that economic policy reflected the need to create successful innovative SMEs as well as to ensure that the largest investors in UK R&D still viewed it as an attractive place to do business.
Additionally, Sir James has proposed boosting the Enterprise Investment Scheme relief available to 30 per cent 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’s proposals are welcome and will further help the companies in our sector develop new, innovative and improved health care solutions for the UK public.”
