GlaxoSmithKline Poised to Create 1,000 Jobs in UK
November 29, 2010
The Press Association reports, GlaxoSmithKline will create around 1,000 jobs and invest £500 million in manufacturing following tax reforms announced by the Government. GlaxoSmithKline said a ten percent reduction in corporation tax on profits generated from UK-owned intellectual property would allow the firm to develop new technology, build new facilities and invest in fledgling companies. Chancellor George Osborne announced the Government would proceed with plans for a so-called "patent box" that lowers the tax rate on profits from a patent registered and then manufactured in the UK. The measure is designed to encourage investment in research and development and related manufacturing in the UK. GSK said the successful implementation of the patent box, scheduled for 2013, would secure new investment in its respiratory inhalation device for asthma sufferers at its facility in Ware, Hertfordshire. The move will ensure the UK is the location for GSK''s next biopharmaceutical manufacturing plant. GSK said it would also be able to launch a new £50 million UK venture capital fund, focused on investments in early stage healthcare companies.