Pharmaceuticals to benefit from credits
Chancellor Gordon Brown said today the government would legislate a special tax credit to companies to accelerate research into disease prevention.
In his Budget speech to parliament, Brown said the government would legislate a new tax credit to help British companies ‘contribute to the relief of disease round the world, an incentive to accelerate research on diseases -like AIDS, TB, Malaria and other diseases.’
Brown also promised to extend the tax credit further if pharmaceutical companies would commit themselves to ‘invest in and deliver new drugs and vaccines in ways that truly meet the needs of the poor and sick’.
He also championed the UK as the leader in establishing a new purchase fund for global health ‘that will not only develop new life saving drugs but make existing drugs more available’.
Further announcements on research and development were expected, after the government introduced tax cuts to small businesses across the board in last year’s budget.