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Patent Box Relief
Patent Box Relief was introduced in 2013 to incentivise companies who hold and exploit intellectual property (IP) in the UK. It provides companies who hold such patents the opportunity to pay a lower effective rate of corporation tax on those profits.
In recent years, changes in corporation tax rates have seen many companies looking at possible ways to reduce their liabilities. From 1 April 2023, the main rate of corporation tax increased to 25%, while the effective Patent Box rate stayed at 10% – this meant that the tax benefit of utilising the Patent Box scheme now offers a 15% saving compared with the original 9% it gave.
Take-up of the Patent Box regime has seen an increase because of this activity. All sectors can qualify for this form of tax relief, so do please get in touch with us to discuss how your company can benefit.
Get In Touch
Now is a great time to consider making an election into the regime, as the process has been simplified in recent years. Here at Allen, we also support existing Patent Box claimants with ensuring they have a robust and optimised claim methodology – if you have claimed previously, please do feel free to get in touch to discuss your claim process.