HM Treasury has commenced a new consultation on the "Patent Box" - designed to apply a preferential 10% rate of Corporation Tax to profits arising from patents.
The intention is to promote the retention of patent activity in UK companies, so that the attendant high-value jobs in the development, manufacture and exploitation of patents remain here.
It should be noted that, whilst the previous proposals last year identified a 'starting date' so that the new rules would apply to patents first commercialised after 29 November 2010, the latest consultation proposes to apply the Patent Box to all active patents - but to 'phase in' the benefit of the Patent Box over a 5-year period.
The consultation can be found at Consultation on the Patent Box
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