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Boosting the knowledge economy: the role of taxation in businesses’ choice of location of intangible property

Published on 01 Oct 07 by "AUSTRALIAN TAX FORUM" JOURNAL ARTICLE

Intangible property has become a key aspect of the modern economy with increasing focus by the Organisation for Economic Development (OECD) and national regulators on the value stored in such assets. The changes to the identification and taxation of intangible property in the United Kingdom 2002 Finance Bill were said to be needed in order to clear up the confused and ad hoc rules applicable to intangibles. The Regulatory Impact Statement that accompanied the changes in Schedule 29 indicated inter alia that “[w]ithout reform, the UK would continue to treat intangible assets less favourably than many other countries to the disadvantage of companies based here.” The changes were welcomed and, despite early amendments required to deal with unforeseen consequences of the changes, appear to have been effective in improving the coherence and simplicity of the taxation of intangibles. This article questions whether the reforms have made the UK a more attractive place to do business using intangibles.

Author profiles:

Author Photo - Michael WALPOLE
Michael WALPOLE

Click here to expand/collapse more articles by Michael WALPOLE.
 
Shirley CARLON
Corresponding author, Senior Lecturer, School of Taxation and Business Law, UNSW
Current at September 2013 Current at 28 February 2014 Click here to expand/collapse more articles by Shirley CARLON.

 

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