PharmaTelevision - Grant Thornton: UK Tax Provisions for the Pharma and Biotech Industry

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Video title: Grant Thornton: UK Tax Provisions for the Pharma and Biotech Industry

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In This Episode:

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In this episode of PharmaTelevision News Review, Fintan Walton talks with Samantha Vanags, Tax Partner at Grant Thornton.

Filmed at the PharmaTelevision studios in Oxford, England, they discuss:

• Tax credit schemes in the UK

• The tax relief differences for R & D firms and SME's

• How R & D firms are defined by HMRC

• The importance of the tax credit schemes in encouraging foreign investment

• The awareness of eligible companies

• How the general election may affect the current schemes

Full video transcripts are available with PharmaTelevision Premium Content. Click here to buy a subscription or sign up for a 14 day free trial.

Tax credit schemes in the UK.

Fintan Walton:

Hello and welcome to PharmaTelevision News Review here in Oxford, England. On this show I have Samantha Vanags, who is a Tax Partner at Grant Thornton, welcome to the show.

Samantha Vanags:

Thank you.

Fintan Walton:

Sam, you are a Tax Partner as I just said and obviously one of your skills is to understand tax law and tax provisions here in the UK, what I want to talk to you about is the whole scene of research and development and what potential tax credits are there to those companies who are either pharmaceutical companies or biotech companies who are currently doing research and development, so I suppose what is the tax credit?

Samantha Vanags:

Okay. Well there are two schemes in the UK one which is available to large companies which is those that are have over 500 employees worldwide and another which is available to SME's. And those two schemes deliver different things, so the large company scheme delivers cash back to the company at 9% so if they spend a 100 pounds on qualifying R&D they get a benefit of 9 pounds under the SME scheme the benefit is 24 pennies in a pound, 24% cash back from HMRC.

Full video transcripts are available with PharmaTelevision Premium Content. Click here to buy a subscription or sign up for a 14 day free trial.

Samantha Vanags

Tax Partner

Samantha leads the firm's team of R&D tax specialists and is a tax partner in the Oxford office. Samantha primarily provides advice on corporate transactions and on R&D tax relief. She has clients across a range of sectors. She joined Grant Thornton in May 2000. Previously she worked with one of the big four in London.

Grant Thornton

As a leading financial and business adviser Grant ThorntonUK LLP has offices in 30 locations nationwide and more than 25,000 individual and 15,000 corporate and institutional clients. We are a member firm within Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. Clients of member and correspondent firms can access the knowledge and experience of more than 2400 partners in over 100 countries and consistently receive a distinctive, high quality and personalized service wherever they choose to do business.