As opposed to any wholesale changes to corporation tax, the PBR has addressed some specific themes:

Research and development (R&D) tax relief
The Government has announced a specific relaxation of the rules for qualifying R&D expenditure for small and medium sized companies. Legislation will be introduced in Finance Bill 2010 to abolish the condition for small and medium sized enterprises (SMEs) which required that any intellectual property deriving from the R&D expenditure be owned by the company making the claim.

Patent box regime
The Chancellor announced a policy measure to introduce a 'patent box' regime for UK companies. The Government will consult with taxpayers regarding the proposals which are to be introduced as part of the 2011 Finance Bill. Detailed announcements have not yet been issued but it is intended that following consultation, the regime will apply a reduced corporation tax rate of 10% to income arising from 1 April 2013 for patents registered from that date. The Treasury's announcements estimate that the eventual cost to the Treasury of the regime will be £1.3 billion.

Controlled foreign company (CFC) reform
The Government has stated that it remains committed to reforming the CFC regime with publication of its proposals early in 2010.

Capital gains for corporates
A further consultation document will be published in early 2010 for the simplification of the capital gains legislation for groups of companies.

Capital allowances
The enhanced 40% first-year capital allowance for expenditure incurred in 2009-10 will come to an end as planned in April 2010. The £50,000 annual investment allowance will still be available. In addition, a 100% first-year allowance will be provided for the purchase of new unused electric vans, subject to HMRC confirming compatibility with state aid rules.

Tax and accountancy
There continue to be further changes proposed to the International Financial Reporting Standards for the accounting treatment of financial instruments. To ensure it can keep the relevant tax legislation in line with these changes, the Government is putting provisions in place to allow secondary legislation to be drafted as necessary outside the normal Finance Bill timetable.

Debt cap
Draft legislation is published today incorporating the changes announced on 9 November 2009 following consultation with business.