Britain’s IP Box Spurring New Manufacturing InvestmentsJuly 28, 2016
GSK Cites IP Box Policy as Motivation for £275 Million Investment
WASHINGTON, DC – Pharmaceutical company GlaxoSmithKline (SGK) yesterday cited the United Kingdom’s IP Box policy as a key reason for the company’s newly announced £275 million investment in three of its UK manufacturing facilities. The new investments are further proof that IP Box tax policies, which provide a lower rate of taxation on income derived from a company’s intellectual property, are helpful in boosting innovation and protecting jobs.
“This is further evidence that IP Boxes help spur domestic investments from innovative companies,” said AIM spokesperson Jim Morrell. “The United States needs to adopt an IP Box policy, and enjoy the same investments, jobs and growth that is being seen by our nation’s overseas competitors.”
In comments made after GSK’s announcement, Adrian Tombling, patent attorney and head of the Life Sciences Group at Withers & Rogers, said, “The introduction of the [UK] Patent Box regime in 2013… is viewed as a major benefit to innovative companies and is helping to balance out any Brexit uncertainties.”
Fifteen countries including the UK now have an IP Box tax policy. More information about the IP Box can be found at www.ipbox4jobs.com.
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AIM’s membership includes Cisco, Boeing, Biogen, Intell, S&P Global, Oracle, Facebook and other companies whose strong investments in R&D and innovation help create new jobs and spur economic growth.