To ask the Chancellor of the Exchequer, with reference to page 34 of the Centre for Business Research’s May 2021 Report on R&D tax credits, what assessment he has made of the implications for his policies of that report's estimate that abolishing Patent Box would save £1.1 billion a year.
Answered on
27 January 2022
The Patent Box’s objective is to encourage companies to commercialise intellectual property in the UK. In November 2020 the Government published an evaluation of the Patent Box which considered its impact on investment, as one metric of measuring commercialisation. The evaluation is available online: www.gov.uk/government/publications/evaluation-of-the-patent-box.
The Government keeps all tax reliefs under review.