Research and Development Tax Credit

Treasury written question – answered on 12th April 2019.

Alert me about debates like this

Photo of Chris Green Chris Green Conservative, Bolton West

To ask the Chancellor of the Exchequer, whether he plans to modernise the research and development tax credit to include real-world studies and costs relating to health data to reflect the (a) changing nature of pharmaceutical research and development and (b) ambitions of the UK to be a leader in those areas.

Photo of Chris Green Chris Green Conservative, Bolton West

To ask the Chancellor of the Exchequer, whether he plans to modernise the research and development tax credit to include regulatory and other roles integral to pharmaceutical research and development to reflect the multi-disciplinary nature of this work and provide an internationally competitive incentive.

Photo of Chris Green Chris Green Conservative, Bolton West

To ask the Chancellor of the Exchequer, whether he plans to change the research and development tax credit to include (a) data processing, (b) clinical trial management and (c) other activity that is subcontracted to third party suppliers in order to match the small medium enterprise research and development tax credit scheme.

Photo of Mel Stride Mel Stride Financial Secretary to the Treasury and Paymaster General

Research and Development (R&D) tax reliefs are an effective and internationally competitive element of the government’s support for innovation. In 2015-16 they provided £3.7 billion worth of relief to innovative businesses and the partial outturn data for 2016-17 shows that this support is on track to rise further. The government keeps all tax reliefs under review.

The government prioritised science and innovation spending at the 2015 Spending Review and since 2016 and has committed an additional £7bn for R&D by 2021-22. This is the largest increase in support for R&D for 40 years and demonstrates progress towards the Industrial Strategy target of increasing economy-wide R&D investment to 2.4% of GDP by 2027.

The UK’s Life Sciences sector is an important part of our economy, contributing over £70 billion a year and 240,000 jobs across the country. The government published two Life Sciences Sector Deals which are supported by commitments to increase R&D investment.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.