Glaxo made its announcement after Chancellor George Osborne confirmed in the Budget on Wednesday that the government would go-ahead with the introduction a so-called patent box.

BBC: Glaxo invests ?500m in UK and builds new factory

Shadow Treasury minister Owen Smith said there were just two measures for growth in the Budget - the patent box and the video games measures - claiming they were Labour policies.

BBC: Budget debate

The patent box regimes enacted by countries in Europe do not require that the research activity giving rise to the qualifying IP be conducted in the country granting the tax benefit.

FORBES: What is a ��Patent Box�� regime?

Glaxo said last year that it would build a new facility at one of four potential sites in the UK if a patent box, first proposed by the Labour government in 2009, was brought in.

BBC: Glaxo invests ?500m in UK and builds new factory

Second, tax specialists complain that Mr Osborne is not being bold enough: they say, for example, that the so-called "patent box", the device for lowering the tax on profits earned from UK intellectual property, will benefit only a limited number of firms.

BBC: What's a fair contribution from multinationals?

"The introduction of the patent box has transformed the way in which we view the UK as a location for new investments, ensuring that the medicines of the future will not only be discovered, but can also continue to be made here in Britain, " said Glaxo chief executive Sir Andrew Witty.

BBC: Glaxo invests ?500m in UK and builds new factory

This portfolio can be used to embrace all manner of investments such as Bonds, Commodities, Equity, Foreign Exchange, Loans and Options plus less transparent assets such as Derivatives, Exchange Traded Funds, Film Box Office Sales Human Resources, Real Estate, Structured Products, Trade Marks, Patent and Marketing Rights.

FORBES: Innovation In Investment Vehicles