HM Treasury have published the slides from their latest presentation on the patent box – nothing particularly startling in them. I’m working on a podcast on the patent box at the moment, but it’s taking second-place to finishing the update to the Taxation of Intellectual Property book for Bloomsbury!
Posts Tagged: patent box
7
Dec 11
UK: patent box – the least you need to know*
- The proposals have been pretty much reworked in some detail into the draft legislation
- The reduction in the presumed routine profit from 15% of specific expenses to 10% of general overheads means this is less mad than it was, although it’s still pretty silly for patent licensing businesses such as biotechs
- The separation out of the active management requirement is welcome, as it means biotechs etc that licence out their R&D results can still qualify
- A bonus for small companies is that the relief calculation uses the main CT rate so they get a bit more relief than they would if the small co’s rate was used in the calculation
- The doubling of the de minimis to £1m before complex paperwork has to be submitted is useful
- BUT: it’s still unlikely to appeal to anyone much other than the multinational pharmaceutical companies, despite the changes. And still does absolutely nothing for any other substantive form of IP.
* well, the least it seems on first reading that one might want to know …
15
Jul 11
Liechtenstein – IP tax
Liechtenstein introduced a tax reform at the beginning of this year which included changes to their taxation of intellectual property, giving a local effective tax rate of 2.5%. Those changes have now been ratified by EFTA’s Surveillance Authority.
15
Jun 11
UK: Patent box – latest consultation paper
The Treasury has published (a few days later than originally advertised) the next round of consultation on the patent box (pdf).
In summary:
- extended to plant variety rights, data exclusivity and supplementary protection certificates
- will apply to UK and EPO patents only
- will apply to all UK and EPO patents, no matter when commercialised or granted
- to be phased in over 5 years, from 2013/14 – full benefit not until 2017/18
- a seriously complex round of computations will be involved, with analysis of income and expenses across the company and possibly by division required
Responses to the consultation are requested by 2 September 2011.
28
Feb 11
US Green Book on IP
The US Treasury has released the 2012 Green Book (the catchier title for the “General Explanations of the Administration’s Fiscal Year 2012 Revenue Proposals” – the 2012 US Budget!). There are three key IP-oriented measures proposed. The first, discussed below, is taxation of “excess returns” on intellectual property. The second, to be discussed in a following blog post, seeks to limit shifting of income through IP transfers. Finally, and also to feature in a future post, is the enhancement and making permanent of the R&E (research and experimentation) tax credit.
Continue reading →
7
Dec 10
UK: more on IP tax reform etc
Now back in the UK, and with a functioning computer again, I’ve been digging a little further into the other IP proposals in the HM Treasury Corporate Tax reform document, and looking at the review of the intangibles tax regime published by HMRC – see earlier post for the patent box proposals.
29
Nov 10
UK: consultation on IP tax reform published
HM Treasury have published the consultation document on IP tax reform, including R&D tax credits – quick thoughts below the cut, more details when I get back from the US next week.
9
Dec 09
UK: Pre-Budget Report IP
The UK Pre-Budget Report today had a couple of IP moments – overall potentially useful, but really just not trying hard enough. It’s another missed opportunity, doing little or nothing to support the majority of IP-focussed business.
Continue reading →
4
Nov 09
Netherlands: webinar on innovation box proposals
International Tax Review is hosting a webinar on the proposals for the Innovation Box which will replace the Dutch Patent Box in the 2009 Budget in the Netherlands.
2
Dec 10
UK: IFS dubious about patent box benefits
The IFS has released its comments on the consultation over the patent box. They have concerns that EU laws would mean that companies could benefit from the patent box without having associated real activity in the UK.