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Keen to know more about Patent Box relief?
Patent Box is a part of the Government’s growth agenda, which is associated with the financial incentive to develop and commercialise innovative technology in the UK. The Patent Box scheme is one of the tools deployed by the Government to encourage businesses to invest in innovation, providing tax relief to innovative businesses holding qualifying IP rights, or an exclusive IP license.
A patent is a license (a legal document) which gives the owner exclusive rights to make, use or sell the innovation, preventing others from exploiting their unique concept for a defined period, usually 20 years; the prevailing legislation governing patents may vary significantly in different countries.
In the UK, Patent Box Tax Relief enables claimants to reduce their corporation tax liability of profits generated by patented products / processes to just 10%. Therefore, when looking to make a Patent Box claim, it’s important to choose a service provider who can work with you to fully evaluate the maximum value to which you’re entitled.
If you already hold patents, or have an application pending, why not call Innovation Tax to find out more about the benefits available under the Patent Box legislation? Our team of experts are on hand to work with you to identify the profits attributable to any qualifying products or processes, and will then work hand-in-hand with your accountant to ensure the benefits of your considerable efforts crystallise in a reduced tax liability.