June saw the release of the government’s detailed proposals for a patent box regime, which promises a 10% rate of corporation tax for profits derived from patents. Originally proposed by the Labour government in 2009, the patent box has been adopted by the coalition as part of its strategy to encourage innovative high-tech companies to locate in the UK and to create high-value jobs. Similar (though mostly more generous) regimes have been introduced in Spain and the Benelux countries in recent years.