For many businesses, a particular country’s tax regime can be a factor that is taken into account when choosing a business location. Introduced in April 2013, this new initiative aims to make the UK competitive with lower Corporation Tax rates.
This interesting article gives an overview of the Patent box, explains who can qualify and sets out some useful examples. It also aims to simplify the rather complex tax calculation using a simpler 7-step system.
It is essential reading for any company that may have qualifying patent and IP income. Of course if you are not sure if you qualify, our specialist tax advisers will be happy to help you.