Capital gains tax withdrawn


London – Alistair Darling, Britain’s Chancellor of the Exchequer, has dissociated himself from his plans to relieve investors of capital gains tax. However, Darling did finally bow to business pressure – particularly from the biotech sector – by unveiling “entrepreneurs’ relief”, which offers small business owners a capital gains tax rate of 10% on lifetime gains of up to £1 million. The concession follows months of lobbying by business groups such as the CBI and The Federation of Small Businesses against the Chancellor’s Pre-Budget Report decision to impose a flat corporate gains tax rate of 18%, scrapping the 10% rate for business assets held for at least two years. The new relief will apply to anyone who owns a minimum five percent stake in a trading business if an employee, company director or other office of the company. “We estimate that around 80,000 business owners and investors will make disposals eligible for the entrepreneurs’ relief,” he told parliament. Darling said the changes would cost in the region of £200 million per year. The UK BioIndustry Association says that entrepreneur’s relief will do little to mitigate the negative impact on long-term financial investment in UK bioscience companies caused by the government’s original decision.



London - The not-for-profit UK Biobank, the most comprehensive health study in Britain, is now accessible to researchers from industry and academia. The resource, which contains some 1,000 pieces of health and lifestyle...



London – The British Wellcome Trust announced on 20 March that it will launch a £200m business to invest directly in healthcare and life sciences companies. The business, up to now running under its working title Project Sigma,...



Nanopore sequencer Oxford Nanopore Technologies, a UK firm that promises its third-generation technology could theoretically sequence a human genome in 15 minutes, impressed scientists with the first public presentation of its...



GlaxoSmithKline (GSK) is further strengthening its activity in the area of rare diseases. The London-based pharma giant has signed an early-stage deal to develop and commercialise treatments for lysosomal storage disorders...



London/Montreal - Angiochem will collaborate with British pharma trust GlaxoSmithKline (GSK) plc on treatments for lysosomal storage diseases (LSD). London-based GSK will pay $300m, including up to $31.5m in upfront cash and...



London - GlaxoSmithKline re-adjusts its €3.7bn R&D budget. Following a review, three of 38 R&D units will be cut and four new ones installed, the UK drug company said in a statement on 7 Februray. Furthermore, six of the...



London - AstraZeneca tries to shed some weight, anticipating a tough year ahead. 7,300 jobs will be gone soon, the Anglo-Swedish drug company said in a statement. Research and development operations will be cancelled in...



Newhouse – An example of Schumpeter's dictum of creative destruction can be witnessed in Scotland. A former research site of US-pharma company Merck will be reborn as a biotech science park. BioCity Scotland Ltd, a joint venture...

Displaying results 1 to 10 out of 396

1-10 Next >

© 2007-2015 BIOCOM


All Events


Product of the week


Current issue

All issues