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PRESS RELEASES Date: 29th November 2010 UK Government to reduce Corporation Tax to 10% on income from Patents. The Announcement by the previous Government in December 2009 and which was expected to come in to effect in the April 2010 budget never materialised. Today (29th November 2010) the Chancellor of the Exchequer, George Osborne, confirmed that a "Patent Box" will be introduced in the UK in 2013. This policy will reduce the rate of corporation tax on the income derived from patents to 10%. The announcement of a UK Patent Box has been widely welcomed by the corporate sector and notably by a small number of large patenting firms for which the tax savings will be greatest. At the time of the announcement in November The Institute For Fiscal Studies predicted that - the policy will lead to a large reduction in UK tax receipts from the income derived from patents, is poorly targeted at promoting research, will add complexity to the tax system, and it is far from clear that any additional research resulting from the policy will take place in the UK. and they published new research which simulates the impact of the introduction of a Patent Box and questions whether the UK will in fact benefit from such a policy. Today the Government in commenting on Pfizer's Decision to close part of their UK Research Operation in Sandwich Kent, confirmed yet again that the UK Government's "Patent Box" proposals are intended to persuade UK inventors to keep their innovation and research in the UK. We will keep an eye on developments and as soon as further news breaks on this we will post a further update. |
NORTEL Sells patents for $2.8bn 25th July 2011- EPO to Push ahead with IPR Reforms
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