Draft Finance Bill 2012: Patent Box – greater help for patent users, but others still left wanting Sarah Churton, Patent Box Specialist at Ernst & Young commented:
“Today’s draft legislation brought good news for businesses that hold patents, with more profit qualifying for the new regime, more time to claim and greater recognition of how patents are created and used.
“It is clear that HMT has listened to the concerns raised by business as part of the summer consultation process. The new rules are more coherent than those previously described, and reflect a better understanding of the way businesses collaborate globally to develop new technologies.”
“The regime will benefit a range of different industries that derive value from innovation - from the largest global pharmaceutical companies to the smallest specialised research businesses, from manufacturing to defence. The scope of these rules contrast favourably with our competitor regimes and should position the UK well on its way to becoming “the best place to run a business on the planet” as demanded by the Prime Minister at the CBI conference.
“The proposals seek to strike a careful balance between simplicity and fairness. However, many other industries, rich in intellectual property but not patents, will be waiting for the Government to build on the success of the patent box and expand the regime across the whole range of Intellectual Property.”