“Patent box” corporation tax rate

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In a bid to increase investment in biosciences in the UK, the Chancellor has announced a 10% corporation tax rate on income from the exploitation of patents in the UK.  This is good news for the UK, enabling it to compete with other jurisdictions that have similar regimes.  However, it appears from his budget speech that it is limited to patents only, rather than all IP, so it does not go far enough in the bid to compete.  We await to see the detail in the Government Press Releases.

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