Asked by: Chris Green (Conservative - Bolton West)
Question to the HM Treasury:
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.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
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.
Asked by: Chris Green (Conservative - Bolton West)
Question to the HM Treasury:
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.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
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.
Asked by: Chris Green (Conservative - Bolton West)
Question to the HM Treasury:
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.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
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.
Asked by: Chris Green (Conservative - Bolton West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Notice on travelling between the EU and the UK following the withdrawal of the UK from the EU published by the European Commission on 13 November 2018, whether he plans to reciprocate the EU's decision for the return of duty and VAT-free allowances for travellers between the UK and the EU.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
Leaving the EU with a deal remains the government’s top priority, this has not changed.
As the UK leaves the EU, the government’s aim is to keep VAT and excise processes as close as possible to what they are now. This will help ensure passengers continue moving across the border as freely as possible.
Asked by: Chris Green (Conservative - Bolton West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential effect that an increase in the small producer's relief scheme to 30,000 litres would have on the growth of small cider producers in the UK.
Answered by Robert Jenrick
HM Treasury keeps all taxes, including alcohol duty, under review.
However, HM Treasury currently has no plans to expand the small cider maker’s exemption. The exemption aims to remove small scale, non-commercial cider production from the duty system and we consider that a limit of 7,000 litres remains appropriate for this.