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How proposed changes to the patent box regime will affect SMEs and some practical considerations if a company wishes to register a patent.
KEY POINTS
- The patent box regime was introduced to reduce the rate of tax on profits from intellectual property.
- The regime is changing as a result of BEPS.
- The effect of the nexus approach.
- Options for companies that have patents pending.
- Companies should review their IP assets.
The patent box regime was introduced in April 2013 to give companies a reduced rate of tax on profits arising from patents and similar intellectual property (IP). The regime is still being phased in so companies will only fully benefit from the 10% rate from 1 April 2017. The aim of the regime was to incentivise companies to develop new and existing patents in the UK. This was widely seen as a good thing for UK innovative businesses.
All was...
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