UK budget introduces Patent Box regime and increases R&D benefits; reduces corporate tax rate to 20%

April 2013
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UK budget introduces Patent Box regime and increases R&D benefits; reduces corporate tax rate to 20%

At a glance

The UK Chancellor of the Exchequer delivered his 2013 Budget on March 20, 2013. The Chancellor reinforced the message that the United Kingdom is ‘open for business’.

In addition to confirming a number of previously announced pro-business provisions (see European Tax News Alert, UK announces a further corporate tax rate reduction), the Chancellor also announced additional developments relevant to companies operating in the pharmaceutical and life sciences industry.