Not a lot in last week's Autumn Statement for IP, but I thought I'd cover what was there:
- removal of income tax relief for individuals paying non-trade patent royalties (s448 ITA 2007). This has been taken out because the Treasury felt it was being misused for tax avoidance – it only applied to individuals who paid patent royalties otherwise than in the course of a trade, so it wasn't often claimed in any case. It affects any individual holding patent licences as an investment – it won't affect anyone owning patents outright, as they would not generally be paying royalties where they own the patent outright.
- £600m towards Research Council infrastructure and facilities for applied R&D – this seems to be new money, although it's not quite clear from the documents released so far.
- And finally, the proposed reduction in corporation tax to 21% in 2014 will benefit any profitable IP companies, although it's not specifically aimed at the sector.