off-the-wire

UK launches new incentives for research-focused smaller companies

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, March 15 (Reuters) - Britain announced new financial incentives to boost smaller research-intensive companies on Wednesday, in a move designed to help small and medium sized companies in the life sciences sector develop new treatments.


"It is a 1.8 billion pound ($2.2 billion) package of support helping 20,000 cutting edge companies who are turning Britain into a science superpower," finance minister Jeremy Hunt said as he presented his budget.


For qualifying companies that spend 40% or more of their total expenditure on research and development, they will be able to claim a credit worth 27 pounds for every 100 pounds they spend Hunt said.


($1 = 0.8280 pounds) (Reporting by Sarah Young; Editing by Kate Holton)

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