Patents

Treasury written question – answered on 14th January 2010.

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Photo of Ben Wallace Ben Wallace Shadow Minister (Scotland)

To ask the Chancellor of the Exchequer what recent assessment he has made of progress by his Department in the development of the patent box policy as set out in the 2009 pre-Budget report.

Photo of Stephen Timms Stephen Timms Parliamentary Under-Secretary (Department for Business, Innovation and Skills) (Digital Britain) (also HM Treasury), Financial Secretary (HM Treasury) (also in the Department for Business, Innovation and Skills)

The Chancellor announced in the 2009 pre-Budget report that the Government will introduce a patent box, applying a 10 per cent. rate of corporation tax to income from patents from the start of the 2013-14 tax year. The Government will consult widely on the final design in time for Finance Bill 2011.

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