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KEVIN PHILLIPS and CHRIS DANES take on the impending new regime for patents
KEY POINTS
- Discuss the patent box with inventive clients now.
- Evaluate whether clients currently hold patents.
- Potential pitfalls that may preclude a claim.
- The patent box relief may encourage patent applications
- Significant tax costs if this opportunity is missed.
The article Starter’s orders included a detailed look at the key tax opportunities stemming from the new UK patent box.
As a follow-on this article aims to provide practitioners with an indication of the most important matters which they should be discussing with their clients now in order to maximise the potential benefits.
In summary the new patent box is part of the government’s promotion of the UK as “the place to be” for innovative businesses.
The patent box is a preferential tax regime that...
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