The chancellor, Gordon Brown, looks set to shake up intellectual property rules in his pre-Budget Report. Purchases such as software would become eligible for tax relief following the changes, which could be introduced as early as next year.
Earlier this month Brown promised that the report would place a ‘new emphasis on science and innovation.’ Speaking to a group of business leaders at the Institute of Directors, Brown said: ‘Our budget tax decisions will promote these goals.’
But many in the business community have warned that British industry would be better served by simplifying the tax system.
‘[Reducing the burden of taxation] would be far more effective in encouraging enterprise than the extension of tax credits,’ said Ruth Lea, head of the policy unit at the IoD.
The Treasury was unwilling to comment on the reports prior to the chancellor’s statement tomorrow.
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