In addition, HM Revenue and Customs (HMRC) are currently creating a free prerecorded webinar that provides an overview of the Patent Box, it is hoped this will be released shortly. Corporate Intangibles Research and Development Manual. From: HM Revenue& Customs Overview of the Patent Box regime. Help us improve GOV. UK. The Patent Box: Aims To create a competitive tax environment for companies to develop and exploit patents in the UK To provide an incentive for companies to retain and commercialise patents in the UK and to develop new innovative patented products here UK patent box rules changed from 1 July 2016 16 January 2017 The new patent box regime became more restrictive so companies are should review their strategy for intellectual property.
The acceptance of a nexus based approach will have significant implications for the UK patent box scheme; fundamentally, HMRCs published Patent Box guidance in their Corporate Intangibles and R& D manual (CIRD) HMRCs YouTube video about the Patent Box Answers to your Patent Box questions.
There are specialist HMRC units located throughout the UK who are able to assist you with your claim. These units are organised on a geographical basis, dealing with claims from companies whose main research and development base is within their postcode allocation. The UK Government has been keen to improve the UK's competitiveness in the hightech arena. This was largely motivated by a string of departures of UK headquartered multinationals from the UK.
In its 2009 Budget, the Government announced the possibility of introducing an effective rate of corporation tax reduced to 10 for income from patents, commonly referred to as the 'Patent Box The Patent Box regime introduced in April 2013 provides tax relief for UK companies exploiting certain qualifying intellectual property (IP) rights. The regime effectively provides for a 10 per cent tax rate on qualifying profits derived from UK or EU patents. The original Patent Box legislation did Patent Box Decision Chart Official Patent Box flowchart 1 2.
Do you hold a qualifying IP right or rights by way of ownership or exclusive licence (CIRD )? Patent Box Update PATENT BOX UPDATE JANUARY 2016 The story so far The UK Patent Box is a preferential tax scheme which allows a business to reduce corporation tax (CT) 10 tax rate now applies to profits falling within the Patent Box. To this end, the UK tax authority (HMRC) is willing to provide taxpayers with some certainty This Your Virtual Tax Partner: a unique online resource for accountants and advisers, practical tax guides, client briefings and knowhow.
Featuring Nichola Ross Martin's SME Tax webupdate news service.