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Home / Jeremy Phillips / taxation of income from patents / Sudden U-turn -- UK government not so bad after all

Sudden U-turn -- UK government not so bad after all

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Following the IPKat's previous post, he has been deluged with emails telling him that the taxation of patent income at 10% is a good thing, not a bad one, since the current level of taxation under Corporation Tax is 28%. The Kat was under the impression from the first bits of news he received that the 10% was in addition to, rather than instead of, the current tax.

Thanks to the very many of you who have emailed, posted comments etc.
Further news of the pre-budget report can be retrieved from the Olswang Budget Blog here.
Sudden U-turn -- UK government not so bad after all Sudden U-turn -- UK government not so bad after all Reviewed by Jeremy on Wednesday, December 09, 2009 Rating: 5

4 comments:

  1. AnonymousWednesday, 9 December 2009 at 16:11:00 GMT

    Like I would trust any other "analysis" from you after that idiotic error.

    ReplyDelete
  2. Kevin Cordina (Olswang)Wednesday, 9 December 2009 at 17:31:00 GMT

    Interestingly (maybe) it only applies to patents granted after the legislation is passed.

    There could therefore be big financial rewards for putting the brakes on applications currently getting close to grant... which rather contradicts with the clamour to speed everything up.

    ReplyDelete
  3. AnonymousThursday, 10 December 2009 at 00:56:00 GMT

    So by cross licensing bogus patents (or patent applications even), companies will now be able to effectively reduce their taxation level from 28% to 10%?

    Reminds me of the trick, applicable at least to the US, to donate "valuable" bogus patents to academic institutions in order to earn a tax deduction equal to their "value".

    ReplyDelete
  4. AnonymousThursday, 10 December 2009 at 08:08:00 GMT

    As indicated here:

    Pre-Budget Report

    "The Government will consult with business in time for Finance Bill
    2011 on the detailed design of the Patent Box, which will apply to patents granted after the
    legislation is passed."

    My suggestion for a suitable design would be the Tardis - looks small from the outside but is capable of swallowing up an enormous volume. Just right for corporation tax dodgers.

    ReplyDelete

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