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In with the new
KEY POINTS
- Companies already in the old regime can use it until 30 June 2021.
- The old regime may be easier for companies to administer.
- Complications may arise when a company has qualifying old and new patents.
- The new regime offers SMEs the choice of three small claim elections.
- Companies should review their IP portfolio for accounting periods beginning before 1 July 2016.
The new patent box legislation in FA 2016 s 64 incorporates some welcome – and some less so – changes to the rules that small and medium-sized enterprises (SMEs) should be aware of.
There are three scenarios for SMEs claiming the patent box:
- Claimants in the old regime. Companies with qualifying historic intellectual property (IP) rights that have grandfathered under the old regime.
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