If your business has any pending or granted patents, you could be eligible for a significant tax saving, whereby profits from the patented product (or process) will qualify for a reduced corporation tax rate of just 10%.
And whilst a granted patent is required before any benefit can be claimed, seeking election whilst an application is ‘pending’ means the reduced tax rate can be applied retrospectively to profits generated during the ‘pending’ period since the election was made, up to a maximum of six historic accounting periods.
The specialist IP team at Innovation Tax will work with you to assess your entitlement and claim the tax relief on your behalf by;
The full Patent Box Statistics are released each year in September and can be viewed on the following link: