IP Cases & Commentary – Details
23 March 2012
UK Patent Box Wins Over GSK
GlaxoSmithKline plans to invest £500m in a new plant in the UK in what it describes as “one of the largest commitments to the UK life sciences sector in recent years”.
GSK’s announcement follows the Chancellor’s confirmation in the Budget that the Government will proceed with the Patent Box system, which provides a reduced tax rate (10%) for the proceeds of IP and IP protected goods. GSK CEO, Sir Andrew Witty, said, “The introduction of the patent box has transformed the way in which we view the UK as a location for new investments, ensuring that the medicines of the future will not only be discovered, but can also continue to be made here in Britain”.