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Tax Chat - New Tax Relief Promotes Innovation!!
The Government has been criticised about the competitiveness of the UK corporation tax regime. In order to address this and to drive growth from the current recession, measures such as reducing the rate of corporation tax and increasing research and development tax relief have been introduced. Continuing with this theme the Government is now set to introduce a new form of corporation tax relief for innovative companies. Similar regimes exist in other European companies and now UK companies can also benefit.
Under the new Patent Box regime a 10% rate of corporation tax (compared to a full corporation tax rate of 23%) will be applied to the profits generated from patents and other Intellectual Property (IP) assets. The scheme will apply to UK and European registered patents and certain other intellectual property, with effect from 1 April 2013.
The 10% tax rate will be phased in over a five year period commencing 1 April 2013. To claim you need to actively manage and use the intellectual property in your business, you must also have been involved in the creation of the qualifying patent. Companies with existing patents will be able to elect into the new regime from April 2013, provided that they can show that certain conditions have been met.
This is therefore a potentially very attractive form of relief if your company owns patents. If your company does not currently hold any patents, don’t assume that the Patent Box regime will not apply to you. You may have products or other intellectual property for which a patent application could be made. – this additional tax relief may be the incentive required to ensure you push your application through. The patent registration process can take at least 12 months so now is a great time to review your company’s activities to ensure there are no potential patents in your closet which could allow additional tax relief to be secured.
To discuss further please contact Lesley Sutton on taxchat@revellward.co.uk or on 01484 550 037.
