Mr Gauke said: “We need to get the message out. The large companies are well aware of it, but it’s important that we remember this isn’t just about big pharmaceutical companies. There are lots of businesses that can benefit – we’ve got a very good message now in terms of business tax and it’s important that companies are aware.”
He added: “If you put the patent box alongside R&D tax credits we now have a very attractive regime for innovative businesses. That’s going to be crucial for the knowledge economy that we need to stimulate.”
John Mitchell, chairman of the SME Innovation Alliance, originally pitched the idea for the scheme to the Labour government in 2009. “This is a step in the right direction. But I do fear big companies will benefit more than small firms. My original idea was to focus the scheme on encouraging firms to license their technology to disseminate innovation. I don’t think what we’ve got in practice is going to achieve that.”
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