Mr. Conor O'Brien:

This is why the UK's patent box regime is under investigation by the EU. The EU has stated in its tax policy that one potential exception to the state aid rules is in relation to research and development, which is why we and the UK are allowed to have research and development tax credits. The UK is arguing that the patent box comes into that research and development category and, therefore, ought to be okay as the one exception that is allowed. It remains to be seen whether the EU ultimately agrees with that.