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Boxing clever
KEY POINTS
- The patent box has been phased in since 2013.
- Few companies take advantage of the relief because of its complexity.
- Relief must be claimed within a specified time.
- Eight-step calculation involved in submitting a claim.
The British government is obsessed with research and development (R&D). Further it believes that the patent box tax relief scheme is simply the best way for companies to profit from innovation. The only problem is there is nothing simple about it.
Complexity has been one of the biggest barriers to take-up of the relief since it was phased in five years ago. This is partly because of how it is put together. The inner workings of the relief stand in sharp contrast to the rhetoric that surrounds an issue that is one of the few to render...
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