Transfer Pricing Associates

UK IP Bill Information

post Thursday August 8, 2013

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In response to the changing environments surrounding intellectual property, the Intellectual Property Office (IPO) of the United Kingdom has worked with the House of Lords and members of Parliament to create a bill that will modernize the laws in place that deal with intellectual property.

The IP bill was introduced in the House of Lords this last May and information can be found on the bill and how it will change the current systems that handle intellectual property on the Parliament’s website.

The bill will accomplish a handful of reforms to IP and the systems for protecting it. The primary reforms that will take place if the bill is enacted are in response to the suggestions contained in the Hargreaves Review of Intellectual Property and Growth from 2011. The ultimate aim of this legislation is to encourage economic growth via innovation and the creation of new ideas and solutions in the increasingly global economic context.

Proponents of the IP bill assert that there are a wide range of benefits for companies and individuals who are seeking to increase the development of IP in the United Kingdom. Some of the benefits that the IPO claims include the increased amount of savings of translation costs resulting from streamlined and more efficient translations of patents across the whole of Europe. An additional factor that the IPO claims is roughly £200 million per annum generated for the UK economy by locating the part of the Unified Patent Court in London.

Within the bill, there are a large number of measures that will increase the efficiency and understanding for businesses who are seeking protection of valuable IP. The potential effectiveness of this bill could substantially improve the protection of IP for English businesses. Additionally, the IPO has released two very helpful and clear guides to understanding the IP bill. These guides to the IP bill can be found on the IPO’s website.

Source: Intellectual Property Office
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