The government’s patent box policy could mean big tax breaks for companies with significant income from intellectual property, says Gary Moss
One of the stated policy aims of the current government is to move the UK economy away from its over-reliance on financial services to a more balanced position in which research and manufacturing play a greater role. One element of this strategy involves making the UK more competitive from a corporation tax point of view. The government has decided that it needs to provide favourable tax treatment for profits which derive from inventions and their exploitation, hence the proposed patent box, the draft legislation for which was published by the Treasury on 6 December 2011. It is currently envisaged that this legislation will be incorporated into the Finance Bill for 2012 and that the scheme will come into effect in 2013/14.
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