Ideas = Tax Savings!
The government is introducing a preferential rate for profits arising from patents called The Patent Box. From 1st April 2013 companies will pay a lower rate of corporation tax at 10% on profits earned from patented inventions and other innovations. This will apply to both existing and new patents.
The lower rate of corporation tax applies whether you are selling patented products or licensing /selling patent rights. It also applies if you are using a manufacturing process that is patented or providing a service using a patented tool.
The introduction of The Patent Box should benefit innovative UK companies and encourage them to retain existing patents and invest in developing new patented technologies.
Come on Britain let’s design, protect our IP and make in this country…….and save on your next tax bill.
For more information you can visit the HMRC website.