HC Deb 12 November 1957 vol 577 c769
33. Mr. Vane

asked the Chancellor of the Exchequer whether he is satisfied that the present law affecting Income Tax payable on royalties derived from patents is so framed as to encourage inventors to develop their work in this country rather than take it abroad.

Mr. P. Thorneycroft

Patent royalties received by a resident in the United Kingdom are liable to Income Tax wherever the patent is exploited.

Mr. Vane

Will my right hon. Friend look into the whole matter again before next year's Finance Bill to ensure that inventors whose work is most important to the industry of this country are not subjected to temptation to take the fruits of their inventions overseas for exploitation? By that I mean serious inventions which are of value to the interests of this country, not the dirt and scandal which hon. Members opposite are trying to invent here this afternoon.

Mr. Thorneycroft

I will certainly bear in mind any representations which my hon. Friend wishes to make.