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GlaxoSmithKline Confident In UK HQ Despite Brexit

by Robert Lee, Tax-News.com, London

28 July 2016


GlaxoSmithKline (GSK) has announced that it will invest GBP275m (USD363m) in its UK manufacturing network, and said that it views the country as an attractive location for investment.

GSK operates nine sites in the UK, employing approximately 6,000 people. The investment will be concentrated at three of these sites, with the aim of boosting production and supporting the delivery of its latest respiratory and large molecule biological medicines.

GSK said: "The company views the UK as an attractive location for investment in advanced manufacturing due to a number of factors including the skilled workforce, technological and scientific capabilities and infrastructure, and a competitive corporate tax system. This includes the Patent Box, which encourages investment in research and development (R&D) and related manufacturing in the UK by delivering a lower rate of corporation tax on profits generated from UK-owned intellectual property."

GSK's Chief Executive Sir Andrew Witty had supported the campaign for the UK to remain in the European Union (EU). He told the BBC, "We believed a vote to leave would create uncertainty and potentially regulatory change in our industry which from our perspective was unnecessary. But the underlying attractiveness in terms of the UK's economic strengths and its fiscal environment haven't changed and that's why we feel very strongly that this investment makes sense."

Welcoming the announcement, Greg Clark, the Business and Energy Secretary, told the BBC: "An investment of this scale is a clear vote of confidence in Britain and underlines our position as a global business leader. GSK's recognition of our skilled workforce, world leading scientific capabilities, and competitive tax environment is further proof that there really is no better place in Europe to grow a business."

TAGS: Energy | tax | investment | business | tax incentives | public health | private healthcare | intellectual property | corporation tax | United Kingdom | manufacturing | tax breaks | European Union (EU) | research and development | Europe

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