Part IIB of the consultation document on corporate tax reform outlines the government’s aims to support intellectual property through each of its lifecycle phases: creation development and commercialisation via the R&D tax credits regime and the introduction of the Patent Box. Comments can be made until 22 February 2011 and thereafter the government intends to publish further details on the new Patent Box regime in spring 2011.
Patent Box
The government has reaffirmed its intention to introduce the Patent Box regime which is currently intended to apply to relevant profits arising from 1 April 2013. The key proposals are as follows: