Tax Relief Expected In Intellectual Property Shake-Up
In his pre-budget report
later today, UK Chancellor Gordon Brown is expected for the first time to afford
tax relief to companies buying software licenses, brand names and hi-tech knowhow
under a radical new shakeup of the country's intellectual property rules. According to economists,
changes to the intellectual property taxation regime- which as well as more
general forms of intellectual property also covers brand names, software development,
and telecommunication licences- are necessary in order to ensure that Inland
Revenue rules properly reflect the changing structure of the UK economy. The speculation has been
met with cautious enthusiasm by UK business groups, who have already voiced
concerns about the complicated nature of the UK taxation system for the corporate
sector. Speaking to the Times on Monday, Andy Newsome, a tax partner in the
Anderson accountancy firm explained: 'People will welcome this, but it is introducing
more complexity.' .
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