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Life Science Companies to Benefit from 'Patent Box' Scheme
Life Science companies, engineering firms and the UK's army of small inventors welcomed plans for a reduced rate of corporation tax on income stemming from patents, it was announced in the pre-Budget report issued this week.
The so-called Patent Box scheme will see corporation tax more than halved to 10pc for patent-derived income. The reduced rate will take effect in April 2013.
Alistair Darling, the Chancellor, said in the pre-Budget report the move would "strengthen incentives to invest in innovative industries".
The Government also tweaked its research and development (R&D) tax credit scheme for small companies, removing the condition that any intellectual property deriving from R&D must be owned by the company making the claim.
Clive Dix, chairman of the Bio-Industry Association, which represents the life sciences sector, said: "The Government has recognised that life sciences is essential to building Britain's future. Delivery of the ‘patent box’ will make a real difference to ensuring a successful and sustainable future for the sector in the UK.”
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Life Science Companies to Benefit from 'Patent Box' Scheme
Life Science companies, engineering firms and the UK's army of small inventors welcomed plans for a reduced rate of corporation tax on income stemming from patents, it was announced in the pre-Budget report issued this week.
The so-called Patent Box scheme will see corporation tax more than halved to 10pc for patent-derived income. The reduced rate will take effect in April 2013.
Alistair Darling, the Chancellor, said in the pre-Budget report the move would "strengthen incentives to invest in innovative industries".
The Government also tweaked its research and development (R&D) tax credit scheme for small companies, removing the condition that any intellectual property deriving from R&D must be owned by the company making the claim.
Clive Dix, chairman of the Bio-Industry Association, which represents the life sciences sector, said: "The Government has recognised that life sciences is essential to building Britain's future. Delivery of the ‘patent box’ will make a real difference to ensuring a successful and sustainable future for the sector in the UK.”
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E info@2bio.co.uk | Map & Directions