The Budget

The Chancellor of the Exchequer, George Osborne, yesterday delivered his second Budget, which set out further measures intended to tackle deficit reduction and promote growth in the UK economy. Of particular interest to NRAS members, the Coalition Government announced it will:

• Reduce the time needed to gain approval for clinical trials
• Award £100m of funding to four science centres (including life sciences) across the UK
• Publish a further consultation in May 2011 on the introduction of a new patent box designed to encourage UK businesses to invest in innovation
• Explore using e-health record data to create a unique position for the UK in health research
• Form new Translational Research Partnerships from its £775 million investment in Biomedical Research Centres and Units
• Take forward measures to improve the take up of assisted living technology
• Provide a report by November 2011 on how to accelerate innovation within the NHS
• Establish a commission to make recommendations by July 2011 for a sustainable social care system

A number of measures were also announced regarding the charitable tax system:

• Simplification of the administration of Gift Aid, with a new online system by 2013 to replace the form-based system
• Reduction of inheritance tax for individuals leaving 10% of their estate to charity
• Introduction of a new scheme for Gift Aid requiring no administration forms for small donations up to the value of £5,000 a year
• Examination of new ways to promote the take-up of payroll giving