The Patent Box
The UK Government has been keen to improve the UK’s competitiveness in the high-tech arena. This was largely motivated by a string of departures of UK headquartered multinationals from the UK. In its 2009 Budget, the Government announced the possibility of introducing an effective rate of corporation tax reduced to 10% for income from patents, commonly referred to as the ‘Patent Box’.
The current UK Government has continued with the aim of the UK becoming the most competitive tax system in the G20 by making substantial changes to the tax system through what it has termed its ‘corporate tax road map’. Those changes include reducing the rate of corporation tax, reforming the UK’s controlled foreign company legislation and changing the way in which tax relief is given for research and development expenditure. In addition, in November 2010, the Government confirmed that in order to encourage companies to locate high value jobs and activity in the UK, it would proceed with the proposed introduction of the Patent Box. At that time, the Government also launched an initial consultation on the design of the Patent Box. Building on the responses received to that consultation, the Government issued a further consultation on the detailed design and proposed scope of the Patent Box in June 2011. This was followed by draft legislation in December 2011, just under two years after its introduction was originally announced…
If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below.
Click on the link above to download briefing.
News from Taylor Wessing
Briefings from Taylor Wessing
New rules will apply to most businesses selling to consumers in the EU, including to those selling online from outside the EU, from no later than 13 June 2014.
Last year — 2013 — was a considerably less eventful year for German gambling law than 2012, which saw significant reforms within the industry.
Analysis from The Lawyer
The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world
Financial disputes are starting to dominate the English courts as the long-awaited fallout from the downturn finally comes to town