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But that does not equate to a licence to reduce the tax bill to tiny sums in territories in which the actual sales of products take place.
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It makes one wonder how deeply into BBC services the public would be willing to cut in order to reduce the licence fee.
"It was actually … when you strip it away, an appeal to the coalition government not to reduce the licence fee in 2012 but to keep it pretty well where it is".
The government, he says, has decided there is no case for privatising C4. "I have always taken the strategic view that the minute you privatise C4 and leave the BBC standing on its own as the only public sector service provider, the arguments to reduce the licence fee, that are running around, would accelerate at a rate of knots".
The first licence allowing farmers in England to shoot badgers in an attempt to reduce cattle TB has been issued.
Britain's BT, for instance, was forced to sell prized Japanese and Spanish assets to Vodafone this week, to reduce the massive debts it incurred when buying 3G licences.
Although he says Eros transfers these licences at cost, B4U has set up its own film-production arm to reduce dependence on Eros.
Jeremy Hunt's pledge to reduce Mark Thompson's salary would save all of 2p off the licence fee.
The licence for nicotine replacement therapy is for reduction then stopping, whereas the trials in our review recruited smokers motivated only to reduce their consumption.
The problem is compounded by the authorisation of BUCCOLAM by the PUMA process, which is designed, in part, to reduce unnecessary enrolment of children to clinical trials and reduce the requirement for paediatric-specific data to obtain a licence.
The BBC said today that it was committed to reducing its overheads, which currently stand at about 12% of the £3.4bn licence fee, £410m per year, by 25% in the next licence fee period from 2013 to 2016.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com