Patent Tax – Pre-Budget Report

It has been reported that the Government is proposing to slash corporation tax on income made from Patent exploitation.

Currently the rate of tax stands at 28%. This however is likely to be reduced to 10% in an attempt to encourage innovation. It will also see the UK put on a level playing field with other countries whose tax is lower than 28%.

It is however believed that the decease will not be enforced until 2013 and may be enacted through the Finance Bill 2011.

It is also believed that the decrease will only apply to patents granted after the legislation comes in to play.

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