Government’s announcement yesterday of a new 'patent box' with low rates of tax has spurred British pharmaceutical giant GlaxoSmithKline into committing to £500m worth of investment in the UK.
The patent box, announced by Chancellor George Osborne yesterday as part of a wider corporate tax reform programme, though first brokered by the Labour Party in 2009, will see only 10 per cent corporate tax payable on patents registered in the UK. It is scheduled to become active in 2013. GSK says as a result…
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