Spending on R&D by the biggest UK R&D companies rose by 6% in 2007 (to £21.6bn) according to figures published on Monday by the Department for Innovation, Universities and Skills.
Monthly Archives: January 2009
22
Jan 09
UK: more R&D incentives called for
The BioIndustry Association’s Bioscience 2015 Review & Refresh document today called for further tax (and other) incentives for biotechnology in the UK, noting that the original Bioscience 2015 vision (published in 2003) “looks somewhat over-optimistic”.
22
Jan 09
VAT: exam marking software not exempt
In RM Education plc v HM Revenue & Customs [2009] UKVAT V20911 (decision published 9 January 2009), the VAT Tribunal confirmed that exam marking software & associated services do not qualify for the VAT exemption for education.
22
Jan 09
US: IRS focus on university IP
From IP Finance: via Tech Transfer E-News comes news that the IRS is to pay increased attention to the tax status of revenue-generating activities of universities – including income from their IP licences.
21
Jan 09
HMRC: updates to CIRD manual – larger SMEs etc
HMRC published a number of changes to the Corporate Intangibles Research and Development (CIRD) manual on January 16th. Most of the updates are minor changes, but there is some useful substantive guidance added on the changes brought in on 1 August 2008 regarding larger SMEs, dealing with a company moving from large to SME status as a result.
16
Jan 09
USA: new regulations on cost sharing arrangements
On December 31, 2008, the IRS issued temporary regulations for cost sharing arrangements on shared development of intangible assets by related parties, to take effect for arrangements which are put in place from January 5, 2009.
15
Jan 09
If at first you don’t succeed
HMRC are expected to start targeting IP in transfer pricing enquiries this year, having been forced to back down over plans to widen the extent to which they can tax the IP income of foreign subsidiaries of UK companies. Possible new penalties – of at least 10% of the tax lost as a result of insufficient transfer pricing – are expected to be introduced in the ongoing powers and penalties review. Transfer pricing enquiries can be expensive: GlaxoSmithKline’s 14 year transfer pricing dispute with the US tax authority ended in a payment reputed to be around $3.4bn.
14
Jan 09
US: Amazon loses sales tax case over affiliates
Amazon has lost the latest round in its attempt to get the state of New York to back down on a new law requiring out-of-state online companies to collect sales tax from customers in the state. Sales tax collection in a state is generally required by companies with sufficient connection with that state – but just what constitutes a connection varies from state to state.