Institution applauds Brown's tax U-turn
An
Institution of Engineering and Technology product story
Edited by the Engineeringtalk editorial team
Dec 3, 2004
The IEE has welcomed Gordon Brown's pre-budget pledge to undo the tax changes that have, inadvertently, prompted a dramatic decline in spinout activity from academic research.
The IEE has welcomed the announcement by Gordon Brown in his pre-budget statement yesterday that he will undo the tax changes that have, inadvertently, prompted a dramatic decline in spinout activity from academic research.
Academics simply could not take the risk of being taxed on the notional value of their startup shares long before there was any prospect of financial reward for their endeavours.
The recognition by the Government of the value to the UK economy of new high technology companies is very welcome.
This is an area in which the UK can still compete successfully against our global competitors, provided the environment is right.
Prof Andy Hopper, Professor of Computer Technology at the University of Cambridge and a member of the IEE's IT Sector Panel commented: "At the heart of entrepreneurship and wealth creation are incentives and motivation".
"I am glad the Government has got rid of one road block and look forward to further progress being made to make wealth creation in the academic sector, through spinouts and other activities, an attractive proposition".
The IEE is among a number of organisations that have campaigned to have this anomaly overturned, in the interests of the UK's future economic success.
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