The announcement by the Chancellor of the Exchequer in his recent Budget statement that the main rate of corporation tax will fall to 20% from 1 April 2015 means the UK will benefit from the lowest rate of tax on corporate profits within the G20. For those able to take advantage of the patent box regime (available since 1 April 2013), the effective rate of tax payable on profits attributable to the exploitation of patents will be even lower. In the current financial year, they will pay an effective rate of corporation tax of 15.2%, reducing to 10% in the financial year commencing on 1 April 2017.