In what was one of the funniest Budget speeches for some time (mostly at the expense of the Labour party), the Chancellor announced and introduced a raft of measures that could potentially increase the administrative burden and costs to UK businesses.
Whilst no major announcements were made directly affecting Life Sciences, the Chancellor has continued to pledge his support for innovative businesses and is seeking consultation on how to make the administration of companies making R&D Expenditure Credit (RDEC) claims easier and simpler; a welcome change to the already over-burdensome tax administration companies face. RDEC is available to larger businesses or SMEs that cannot claim under the more generous SME scheme as, for example, they have received some form of grant funding or subsidy.
The Government are also looking to ramp up and improve awareness of the R&D tax credits for SMEs. Another welcome announcement, but no changes announced to the technical elements of claiming R&D tax credits for either SMEs or larger businesses.
As such, carry on as normal until further notice!