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Bioscience sector welcomes plan to relax cap on tax credits

BioIndustry Association says that biotech companies would have been disproportionately penalised by the cap

An association representing over 300 bioscience companies has welcomed government’s new proposals to relax a cap on R&D tax credits.

The government had originally announced plans to limit R&D tax credit payments for small and medium-sized businesses to three-times their PAYE and national insurance contributions in order to prevent abuses of the system.

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