SOURCE: Healthcare Global

Healthcare Global

April 23, 2012 13:11 ET

New Patent Box Legislation Aims to Boost UK's R&D Industry, in Healthcare Global

NORWICH, UNITED KINGDOM--(Marketwire - Apr 23, 2012) - The life sciences industry is the third largest contributor to economic growth in the UK, with an annual turnover of £50 billion. With concerns for the economy still top of the political agenda, the government is now keener than ever to woo the industry to the UK and attract inward investment.

In his autumn statement last year, Chancellor George Osborne announced a number of measures to support the UK life sciences industry including a £180 million catalyst fund to support biomedical start-ups, a consultation on opening up the NHS to life science companies and a shake-up of the R&D tax credits system. Now, the government is finalising the details of its latest incentive, the 'Patent Box', a preferential tax regime that it hopes will re-establish the UK's position as a world leader in patented innovation.

When it comes into force in April 2013, Patent Box will reduce UK Corporation Tax on patent profits to 10 percent, giving a welcome boost to research and development and providing incentives for companies to retain intellectual property in the UK.

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About Healthcare Global

Healthcare Global is a pioneering digital media site for Healthcare professionals and executives responsible for all aspects of managing this environment. Healthcare Global covers solutions that enable global healthcare executives to improve the way they manage their operations. Healthcare Global is the industry-dedicated arm of the WDM Group. Founded in 2007 by entrepreneur Glen White, WDM Group retains a diversified portfolio of websites, magazines, mobile apps, daily news feeds and weekly e-newsletters that leverage technology to innovatively deliver high-quality content, analytical data, and industry news.

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