The tax benefits of thinking inside 'The Box'

The Patent Box is the most exciting tax relief for innovation to be introduced in more than a decade. Ultimately it could save many thousands of pounds for companies who make trading profits through exploiting patents.

Patent Box is being phased in over five years from 1st April 2013, with the company enjoying reduced corporation tax rates on these profits sliding down to 10% in 2017/18. The current Patent Box scheme will run until 2021 but time is short, as the scheme will close to new entrants in June 2016.

If you are a trading company with profits from exploiting patents after 31st March 2013, you might want to consider what Patent Box relief could do for you.

First, you’ll need to ask the following questions:

  • Does your company own patents which it exploits as part of its trade ?
  • Does your company exploit someone else’s patent under an exclusive licence ?
  • Could you benefit by applying for a patent now ?
  • Does your company have intellectual property that could be patented ?

If the answer to any of these questions is ‘yes’, then Patent Box may well be available to you.

If you would like to explore this further please contact me to arrange for one of our Patent Box specialists to speak with you.

Mark Torr

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