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Patent reborn
Key points
- The grandfathering period for the old patent box regime ended on 1 July 2021.
- Businesses will now have to use the profit streaming method when calculating the relevant intellectual property profit.
- Relevant research and development expenditure should be tracked from 1 July 2016 even before a patent is applied for.
- Processes to track research and development should be in place even if most of it is done in-house.
- The patent box remains a worthwhile benefit despite the changes.
In its eight-year history the UK patent box regime in Corporation Tax Act 2010 Part 8A has a long story to tell. With phasing in and a second version of the rules with grandfathering provisions those advising on a scheme that was complex to begin with have up to now had little rest. However the position should settle down from 1 July 2021 when...
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