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Eversheds comment: Patent box changes evidence of UK commitment to corporate tax reform

  • United Kingdom

    12-11-2014

    On changes to the patent box tax incentive scheme, Ben Jones, tax partner at law firm Eversheds, comments:

    “In the current tax climate, with national measures designed to increase tax competition and attract business under intense scrutiny, this proposed change to the patent box regime is not surprising. The UK patent box was introduced as part of a package of measures specifically targeted at making the UK a more competitive business environment from a tax perspective and, in part, in response to similar successful incentives in other jurisdictions such as the Netherlands and Luxembourg.

    “The proposed change will reduce the scope of the UK patent box, and consequently the attractiveness of the UK as a jurisdiction in which to base certain types of businesses. It is however a good example of the UK putting its money where its mouth is regarding the international movement to reform corporate taxation. The key question will be whether competing tax incentives in other countries will be similarly curtailed such that the UK is not ultimately disadvantaged by this change.”

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