1October 2014 was an important day in the world of UK Intellectual Property (IP) with significant changes to IP law and practice coming into force. The changes include implementing the provisions of the Intellectual Property Act 2014 which received royal assent earlier this year and a number of measures to modernise copyright law.
According to the UK Intellectual Property Office (IPO), the Act will help to simplify and strengthen protection for the UK designs industry and will be worth more than £15 billion to the UK economy.
The IP Act also prompted amendments to copyright law and on 1 October 2014, three new copyright exceptions came into force:
1. Making personal copies of copyright work for private use;
2. Use of copyright work for parody, caricature and pastiche;
3. Use of quotations for copyright work.
The reforms to copyright exceptions are said to contribute £500 million to the UK economy over the next 10 years. A fuller review will be found in our Hot Topic.
The UK IPO has provided plenty of guidance relating to the new measures which can be found on their website at https://www.gov.uk/government/collections/1-october-2014-changes-to-design-and-patent-law
Reuters News Agency has reported Britain is the top European nation for biotechnology capital raised in the first half of 2014, a vindication of the government's strategy to encourage the life sciences through incentives including tax breaks. The country raised a total of GBP 734 million of bioscience innovation capital between January and June, against GBP 483 million for the whole of 2013, making it the largest funding center in Europe.T otal European life sciences financing in the first half of 2014 has already surpassed the GBP 2.1 billion raised in 2013, according to a report by Britain's BioIndustry Association and consultancy EY.
Britain's strong showing also reflects the UK government's actions to promote the sector. This includes the introduction of a "patent box" tax break on investment in research and development that has been criticized by some for allowing companies to minimize taxation.
Treasury minister David Gauke, speaking at a biotech conference on Tuesday, denied the Patent Box scheme, currently under investigation by the EU Commission, encouraged inappropriate shifting of profits to a lower taxation regime by companies and said the scheme was designed to bring real activity to Britain.
For further information on patent box and how it can boost your biotech business, please contact Dr Stoyan Radkov at firstname.lastname@example.org
To keep up to date on
news in the world of IP...
To keep up to date on
udl news and events...
To find out more about career opportunities and current vacancies at udl...Click here
For updates on some of the most important aspects of IP...Click here