The Treasury has outlined how the UK's patent box regime will be modified in response to EU concerns over preferential intellectual property regimes which could confer unfair tax advantages, but says the new approach will continue to incentivise innovation and its commercialisation in the UK. In a written statement to the House of Commons issued on 2 December, David Gauke, financial secretary to the Treasury, acknowledged that while the UK, along with Luxembourg, the Netherlands and Spain, supported the current 'transfer pricing' method, a 'significant majority' of OECD-G20 countries supported the alternative modified nexus method. The UK has now agreed to work with Germany to try to find a compromise position and Gauke said the joint proposal has now been put to the OECD-G20 members at the Forum on Harmful Tax Practices (FHTP) and to EU member states at the Code of Conduct Group.
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