In the Spring Budget, the Chancellor has announced an enhanced R&D tax relief rate for ‘R&D intensive SMEs.’ Professor Alan Boyd, CEO and president of Boyds, responds to the news:
“As a dynamic, fast-growing company supporting the development of new, cutting-edge medicines for patient benefit, we are delighted to hear the Chancellor’s announcement of an enhanced research and development (R&D) tax relief rate for SMEs.
“Boyds has qualified for the SME R&D tax relief rate benefit for a number of years. The tax credit we have received to date has been invested directly back into the business and has enabled us to employ more staff and expand the activities we undertake on a global basis, including working at some time on 9 of the 24 cell and gene therapies now available to patients.
“The new and enhanced R&D tax credit system will enable us to continue progressing our work to develop cutting-edge medicines for patients and provides a boost to the life science industry in general, particularly in the Northwest / Cambridge, where there is a strong legacy of drug discovery and development.”
Read more about the effect of the R&D tax relief rates announcement on medical innovation and the life sciences industry: BIA Press Release.