Budget 2014 provisions relevant to life sciences companies

By Samuel Rippon

The Budget this year contained fewer items of headline interest than Budgets of the past. However, there are a few developments that are of particular interest for those operating in the life sciences sector.

R&D tax credits: the repayable tax credit for small and medium-sized enterprises is to be increased from 11 per cent to 14.5 per cent. This means that loss-making companies in this size bracket could reclaim up to £32.62 in repayable tax credit for every £100 of qualifying expenditure.

Corporation tax rate: as previously announced, the main rate of UK corporation tax was cut to 21 per cent with effect from 1 April this year. It will reduce by a further one per cent with effect from April 2015…

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