Deloitte comments on the first London Patent Summit
8 October 2012
Today is the first London Patent Summit, taking place in the London Stock Exchange. Jolyon Barker, global lead for Technology, Media and Telecommunications (TMT) at Deloitte, comments on advanced patent management strategies to promote innovation and further growth:
“This is a crucial time for intellectual property (IP) in the UK and today’s conference recognises its importance in providing a competitive edge for British businesses and promoting growth. Britain has a broad base of innovative people and companies that attract global interest and investment.
“However, the UK has the lowest level of patents across the G8. The Government is looking to change this with the introduction of the Patent Box, which will tax income from patents and certain other qualifying IP rights at a lower effective tax rate of 10%.
“Alongside the reform to the UK controlled foreign company (CFC) rules, and a potentially improved ‘above the line’ Research and Development (R&D) regime, the Patent Box will make the UK more attractive to do business and a contender as a location for the development and commercialisation of IP.
“Maximising the benefit of IP in a business requires a holistic approach that includes tax, R&D and IP management. Only proper consideration at the Board level will allow companies to use IP as a competitive strategy.”
Notes to editors:
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
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The information contained in this press release is correct at the time of going to press.
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