New British tax-cuts-for-patents scheme criticised
The Register - A new tax cut tied to the number of patents a business owns could lead to a wave of trivial patents being filed, favour big businesses over small businesses, and distort research priorities, speakers at the London Patent Summit warned today.
Businesses have broadly welcomed the Patent Box tax scheme that will see them getting a billion pound windfall in tax cuts over the next few years. Corporate tax is currently at 28 per cent, it will reduce to 23 per cent by 2013 and as an extra sweetener, revenue that is "attributable to patents" - will only be taxed at 10 per cent, starting in April 2013.
A consultant from Deloitte was warmly in favour: "There are no bad sides to this!" said Carmen Aquerreta, sketching out how the scheme will affect business at the Summit today.
"The tax guy will just have to get as much as possible into the 10 per cent bracket."