Patent Box Introduction
“Patent Box” is to be introduced next year enabling companies to reduce corporation tax to profits attributable to EU patents.
The Patent Box should not only help UK businesses but also encourage further focus on investment in invention and innovation.
It allows companies to elect to apply a 10% rate of corporation tax to qualifying profits. As such, it is a great incentive to businesses to commercialise existing patent products/processes and to develop new ones.
It is due to be phased in from 1st April 2013 and although it does not change the need for careful consideration of the patent process, it should be good news for any UK incorporated business interested or involved in innovation, product development and commercialisation.
Bang is planning a workshop soon based upon the Patent Box and please look out or contact us for further information.