Wendy Nicholls and Paul Smith of Grant Thornton UK welcome the new patent box proposals but believe the take-up may be limited because of the restriction to patents (rather than other intellectual property too), the highly complicated calculation of patent box profits, and potentially more favourable regimes within Europe.
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The new guidance is not meant to reflect a substantial change to UK law, but the requirement that tax advice is ‘likely to be correct’ imposes unrealistic expectations
China and a clutch of EU nations have voiced dissent after Estonia shot down the US side-by-side deal; in other news, HMRC has awarded companies contracts to help close the tax gap