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With the Chancellor's speech still ringing in our ears, we bring together the most important features of the Summer Budget 2015 for IP & IT lawyers alongside expert analysis and industry comment.
What was relevant in the Summer Budget for IP & IT lawyers?
The government has announced a measure which offers tax incentives to encourage private investment into small and growing companies which would otherwise struggle to access finance. The schemes aim to be well-targeted and in line with state aid rules. The measure also aims to ensure that the UK provides extra support to innovative companies and those which are undergoing significant change. HMRC's Tax Information and Impact Note (TIIN) updates and replaces the TIIN published on 24 March 2015.
The government has announced a measure which amends legislation so that universities and charities are unable to claim the Research & Development Expenditure Credit (RDEC), in line with the original intention of the policy. This is to ensure the scheme remains effective and well-targeted to business research and development (R&D).
Corporation tax relief for companies who write off the cost of purchased goodwill and certain customer related intangible assets is to be removed. New legislation to be introduced in Summer Finance Bill 2015 will amend the Corporation Tax Act 2009, Pt 8, applicable to all acquisitions made on or after 8 July 2015 unless made pursuant to an unconditional obligation entered into before that date. It also applies to all goodwill created on or after that date. Relief will still be available if the goodwill is sold.
What does this mean for IP & IT lawyers?
What are the headlines for the Summer Budget for IP & IT lawyers and why?
Dan Brook, partner, and Laura Whiting, senior associate, Hogan Lovells: The main feature which will affect the practice of IP/IT lawyers is the abolition of the corporation tax deduction for acquired reputational value (goodwill). This will impact transactions where IP is a significant part of the business being sold.
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