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The Government is consulting on a preferential regime for profits arising from patents, known as a Patent Box. The intention is to introduce rules in Finance Bill 2012.
The Patent Box will encourage companies to locate the high-value jobs and activity associated with the development, manufacture and exploitation of patents in the UK. It will also enhance the competitiveness of the UK tax system for high-tech companies that obtain profits from patents.
The Government has published Corporate Tax Reform: Delivering a More Competitive System. Further information on this document is available on the Corporate Tax reform page.
As part of this document, the consultation on the taxation of innovation and intellectual property included in this document is available here:
A working group of representatives from businesses has been established to complement wider consultation on the Patent Box and to discuss options and proposals in more detail. A list of members is provided below. Minutes from the working group have also been published.
- Helen Jones - GlaxoSmithKline
- Mike Sufrin - Rolls-Royce
- Gerd Koenigsmann - Eisai
- Sarah Carter - Syngenta
- Andy Wood - Shell
- Martyn Smith - Dyson
In addition, if you are not already on the distribution list and would like to be informed of Patent Box updates then please email Anna Floyer-Lea.
Parties interested in involvement in any part of the corporate tax reform consultation can find further information in the engagement strategy Chapter 5: The Corporate Tax Road Map.
The Government held open events in HM Treasury on corporate tax reform on:
- 13 December 2010
- 11 January 2011
There are no plans for further open events at this stage. Further events will be announced as appropriate.
Strategic overview of all elements of the corporate tax reform consultation will be provided by a Corporate Tax Road Map liaison committee. Details of this committee, when established, and minutes of committee meetings will be available on the corporate tax reform page.