Tax considerations for the life sciences sector
Produced in partnership with James Ross of McDermott Will & Emery
Tax considerations for the life sciences sector

The following Life Sciences practice note produced in partnership with James Ross of McDermott Will & Emery provides comprehensive and up to date legal information covering:

  • Tax considerations for the life sciences sector
  • Corporation tax
  • Intangible fixed assets
  • R&D reliefs
  • Patent box
  • Cross-border issues
  • Transfer pricing
  • Diverted profits tax
  • Non-UK considerations
  • Investment reliefs
  • More...

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for Life Sciences?

This Practice Note provides an overview of some of the tax issues that are particularly relevant to a company operating in the life sciences sector. Such companies may include pharmaceutical, medical technology, biotechnology companies etc. In particular, this note considers, among other things, corporation tax issues such as research and development (R&D) reliefs and the patent box, cross-border issues such as transfer pricing and investment reliefs.

On 31 January 2020, the UK ceased to be an EU Member State and entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies, offices, bodies (except to the limited extent agreed), but it continues to be subject to EU law and must submit to the continuing jurisdiction

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