To make UK biopharma more attractive to potential investors, the UK government plans to cut taxes on revenue generated from research-related patents. As from April 2013, the so-called 'patent box' will charge a 10% corporate tax rate, rather than the usual 28%, on revenues stemming from products patented and manufactured in the UK. Industry players and analysts are enthusiastic. “We are completely behind the government's announcement,” says Joseph Wildy, joint head of external relations for the London-based BioIndustry Association. Similar schemes that are already in place in other countries such as Belgium and Spain have already yielded encouraging results, he says: “We can only imagine it will work here, too.” The initial signs are positive; GlaxoSmithKline, a London-based drug firm, has said it will invest £500 million in the UK to capitalize on the new initiative. The government will disclose details of the patent box—such as what, exactly, companies must do to qualify for relief—and solicit feedback during a three-month consultation with industry. It will then finalize the scheme in time for inclusion in next year's Finance Bill. Although the future of the scheme depends on government support, and New Labour is up for re-election this year, Wildy says that the opposition party has provided encouraging signs that it, too, would back the scheme.