Anyone doubting the importance of intellectual property (IP) in the modern economy will be surprised by the contents of a recent report from the Intellectual Property Office that investment in research and development, software and design in 2014 was, at £133 billion, greater than investment in tangible assets such as machinery and property.

There are special tax allowances for some forms of IP investment.

Interestingly, however, only slightly more than half of the intangible assets have IP protection, and the IP protection of half of those assets is by way of copyright, which is automatic.

The report could lead one to the conclusion that firms are investing considerable sums in IP but failing to take necessary steps to protect their investment.